Kogi, Rivers, Lagos report highest inflation rate in October
The National Bureau of Statistic (NBS) on Wednesday disclosed that Kogi, Rivers and Lagos states have the highest inflation rate in October 2023.
NBS in its Consumer Price Index (CPI) report stated that inflation rate in Nigeria increased to 27.33 per cent in October 2023 from 26.72per cent in September 2023.
According to NBS, the All-Items inflation rate on a Year-on-Year basis was highest in Kogi (34.20per cent), Rivers (31.44per cent), Lagos (31.23per cent).
The bureau report revealed that Borno (20.06 per cent), Jigawa (23.52per cent) and Sokoto (24.47per cent) recorded the slowest rise in Headline inflation on Year-on-Year basis.
“On a Month-on-Month basis, however, October 2023 recorded the highest increases in Yobe (3.72per cent), Jigawa (2.85 per cent), Sokoto (2.84 per cent), while Kogi (1.01 per cent), Edo (1.05 per cent) and Kwara (1.18 per cent) recorded the slowest rise on Month-on-Month inflation.
“In October 2023, Food inflation on a Year-on-Year basis was highest in Kogi (41.74 per cent), Kwara (38.48 per cent) and Lagos (37.37 per cent), while Borno (24.41 per cent), Kebbi (24.90 per cent) and Jigawa (25.10%) recorded the slowest rise in Food inflation on a Year-on-Year basis.
“On a Month-on-Month basis, however, October 2023 Food inflation was highest in Yobe (5.35 per cent), Soko-to (3.68 per cent) and Jigawa (3.45%), while Edo (0.95 per cent), Katsina (1.03 per cent) and Rivers (1.10 per cent) recorded the slowest rise in inflation on Month-on-Month basis,” according to the report.
