Nigeria’s Inflation Jumps to 20.77 Percent, Highest in 17 Years and Worst in Kogi, Rivers, Benue
- Nigerians in the month of September 2022 were forced to budget more for food, goods and services
- According to the NBS report, Nigeria's inflation rate increased by 20.77%, the highest level in 17 years.
- Kogi, Rivers, and Benue recorded the highest rate of inflation among the worst-affected states.
The National Bureau of Statistics has revealed that Nigeria’s inflation rate surged to 20.77% in September 2022, the highest rate since September 2005.
NBS stated this in its Consumer Price Index (CPI) report published on Monday and obtained by Legit.ng
Details from the report showed that Nigeria’s CPI rose by 20.77% year-on-year in September 2022, up from 20.52% recorded in the previous month.
Source: Facebook
This means Nigerians paid more for goods and services than the previous month.
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Trends in inflation rate figure for September 2022
NBS explained that the highest increases in goods and services were recorded in prices of Gas, Liquid fuel, Passenger transport by Air, Passenger travel by road, and Solid fuel.
The report also noted that Kogi, Rivers, and Benue report the highest rate of inflation among the 36 states in the month of September.
NBS stated:
"In September 2022, all items inflation rate on a year-on-year basis was highest in Kogi (23.82%), Rivers (23.49%), Benue (22.78%), while Abuja (17.87%), Borno (18.12%), and Adamawa (18.42%) recorded the slowest rise in headline Year-on-Year inflation.
"On a month-on-month basis, however, September 2022 recorded the highest increases in Jigawa (2.58%), Yobe (2.22%), Benue (2.05%), while Abuja (-0.72%), Sokoto (-0.19%) and Adamawa (0.25%) recorded the slowest rise on month-on-month inflation."
Food inflation
The food inflation rate in September 2022 was 23.34% on a year-on-year basis; which was 3.77% higher compared to the rate recorded in September 2021 (19.57%), The Cable reports.
NBS stated rise in food inflation was caused by increased prices of Bread and cereals, Food products n.e.c, Potatoes, yam, other tubers, oil, and fat.
States with the highest food inflation
NBS revealed that in September 2022, food inflation on a year-on-year basis was highest in Kwara (33.09%), Kogi (28.46%), and Ebonyi (27.41%).
It also noted that Kaduna (18.84%), Jigawa (19.20%) and Sokoto (19.44%) recorded the slowest rise in year-on-year food inflation.
For month-on-month changes, food inflation was highest in Enugu (2.61%), Ogun (2.50%), and Oyo (2.43%), while Sokoto (-0.88%).
Ondo (0.38%) and Niger (0.62%) recorded the slowest rise on month-on-month inflation rate in the month of September.
Rabiu become Nigeria's, second-richest man
Meanwhile, in another report, Nigeria now has a new number two in the list of Nigeria's richest billionaires, and he is Abdulsamad Rabiu
Rabiu unseated telecoms magnate Mike Adenuga to second place after his investments increased his account balance by N87bn in hours
Aliko Dangote remains undisputed as Nigeria's richest man and is the only Nigerian named among the world's top 400 billionaires.
Source: Legit.ng
