Bauchi, Ondo, Anambra Top States With Highest Inflation Rates
The National Bureau of Statistics (NBS) has said inflation rate was highest in Bauchi State with 24.79 per cent.
According to a document obtained at the weekend, the review of inflation rate between January, last year and January, this year showed that Ondo and Anambra were the second and third worst-hit state with 24.54 per cent and 24.51 per cent.
The data noted that in the period under review, inflation rate was slowest in Jigawa with 19.09 per cent, Borno 19.62 pr cent and Sokoto with 19.90 per cent.
“In January 2023, all items inflation rate on a year-on-year basis was highest in Bauchi (24.79 per cent), Ondo (24.54 per cent), Anambra (24.51 per cent), while Jigawa (19.09 per cent), Borno (19.62 per cent) and Sokoto (19.90 per cent) recorded the slowest rise in headline year-on-year inflation,” said NBS.
It also added that monthly, however, January 2023 recorded the highest increases in Lagos (2.91 per cent), Taraba (2.84 per cent), Ondo (2.68 per cent), while Yobe (0.54per cent), Jigawa (0.73 per cent) and Oyo (0.87 per cent) recorded the slowest rise on month-on-month inflation .
The document said last month, food inflation yearly was highest in Kwara (29.03 per cent), Lagos (27.67per cent), and Ondo (27.38per cent), while Jigawa (19.22 per cent), Sokoto (20.80per cent) and Yobe (21.32per cent) recorded the slowest rise in yearly food inflation.
According to the document, monthly, however, January 2023 food inflation was highest in Lagos (3.67per cent), Ogun (3.54 per cent), and Ekiti (3.32 per cent), while Yobe (-0.50per cent), Jigawa (0.18 per cent) and Kebbi (0.92 per cent) recorded the slowest rise on monthly inflation.
Earlier, the document said the food inflation rate in January 2023 was 24.32 per cent on yearly; which was 7.19 per cent points higher compared to the rate recorded in January 2022 (17.13%).
The rise in food inflation, said NBS, was caused by increases in prices of Bread and Cereals, Oil and Fat, Potatoes, Yam and Other Tubers, Fish, Vegetable, Fruits, Meat, and Food Products n.e.c. NBS noted that on month-on-month basis, the food inflation rate in January 2023 was 2.08%, this was 0.20% points higher compared to the rate recorded in December 2022 (1.89%).
It said this increase was attributed to increase in the prices of some food items like Oil and Fat, Bread and Cereals, Fish, Potatoes, Yam & Tubers, etc.
The data said the average annual rate of food inflation for the twelve -months ending January 2023 over the previous twelve-months average was 21.53%, which was a 1.44% points increase from the average annual rate of change recorded in January 2022 (20.09%).