Bauchi, Kogi, Oyo top States with highest inflation rate in Nigeria, NBS reveals

The National Bureau of Statistics (NBS) has revealed that Bauch, Kogi and Oyo states have the highest inflation rate in May 2024.

The bureau on Saturday disclosed that inflation rate in Nigeria hits 33.95per cent in May 2024 from 33,69 per cent in April 2024, amiid Federal Government policies on fuel subsidy removal and unification of the foreign exchange market.

The report by NBS stated that, “In May 2024, the All-Items inflation rate on a Year-on-Year basis was highest in Bauchi (42.30per cent), Kogi (39.38 per cent), and Oyo (37.73 per cent), while Borno (25.97 per cent), Benue (27.74 per cent) and Delta (28.67 per cent) recorded the slowest rise in Headline inflation on Year-on-Year basis.

“On a Month-on-Month basis, however, May 2024 recorded the highest increases in Kano (4.24 per cent), Gombe (4.06 per cent), Bauchi (3.75 per cent), while Ondo (0.57 per cent), Kwara (1.19 per cent) and Yobe (1.24 per cent) recorded the slowest rise on Month-on-Month inflation.”

The report stated that food inflation on a Year-on-Year basis was highest in Kogi (46.32per cent), Ekiti (44.94 per cent), Kwara (44.66 per cent), while Adamawa (31.72 per cent), Bauchi (34.35 per cent) and Borno (34.74 per cent), recorded the slowest rise in Food inflation on Year-on-Year basis.

“On a Month-on-Month basis, however, May 2024 Food inflation was highest in Gombe (4.88 per cent), Kano (4.68 per cent), and Bayelsa (3.62 per cent), while Ondo (0.02 per cent), Yobe (0.95 per cent) and Adamawa (1.02 per cent) recorded the slowest rise in Food inflation on Month-on-Month basis,” the report added. 

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