Food Most Expensive In Kogi, Akwa Ibom, Kwara In May, Says NBS
As Nigerians experience increasing prices of foods across the federation, the trio of Kogi (22.79 per cent), Akwa Ibom (22.47 per cent) and Kwara (22.21 per cent) are the states where food are most expensive in the country every year.
This is according to the National Bureau of Statistics (NBS) in its latest report on the consumer price index (CPI), which measures show inflation has risen to 17.71 per cent in May 2022, up from 16.82 per cent in the previous month.
According to its Consumer Price Index (CPI) report for 2022 released on Wednesday, the figure is 0.22 points lower than the 17.93 per cent recorded in May 2021.
Although this means that the headline inflation rate slowed down in May 2022 compared to the same month in the previous year, however, it shows that prices of goods are still quite high.
On a state-by-state analysis of food inflation, the Bureau said food prices slowed in Kaduna (16.46 per cent), Anambra (16.54 per cent) and Jigawa (16.91 per cent) on a year-on-year basis.
“Food inflation on a year-on-year basis was highest in Kogi (22.79 per cent), Akwa Ibom (22.47 per cent) and Kwara (22.21 per cent), while Kaduna (16.46 per cent), Anambra (16.54 per cent) and Jigawa (16.91 per cent) recorded the slowest rise in year-on-year food inflation,” NBS stated.
“On a month-on-month basis, however, in May 2022 the Bureau stated that food inflation was highest in Rivers (3.65 per cent), Abia (3.31 per cent), and Ogun (3.23 per cent), while Yobe (0.01 per cent), Osun (0.76 per cent), and Jigawa (0.81 per cent) recorded the slowest rise on month-on-month inflation,” it added.
“In May 2022, the inflation rate increased to 17.71 per cent on a year-on-year basis. This is 0.22 per cent points lower compared to the rate recorded in May 2021, which is (17.93) cents. This means that the headline inflation rate slowed down in May when compared to the same month in the previous year (i.e. the year 2021). Increases were recorded in all COICOP divisions that yielded the Headline index.
On a month-on-month basis, the Headline inflation rate increased to 1.78 per cent in May 2022, this is also 0.02 per cent rate higher than the rate recorded in April 2022 (1.76) per cent.”
NBS noted that “the percentage change in the average composite CPI for the twelve months ending May 2022 over the average of the CPI for the previous twelve months period is 16.45 per cent, showing a 0.95 per cent increase compared to the 15.50 per cent recorded in May 2021.
According to the statistics office, the “urban inflation rate increased to 18.2 per cent (year-on-year); this is a 0.2 per cent decline compared to 18.5 per cent recorded in May 2021. On a month-on-month basis, the urban inflation rate rose to 1.8per cent in May 2022, this is a 0.0per cent increase compared to April 2022 (1.78).”
“The corresponding twelve-month average percentage change for the urban index is 17.0per cent in May 2022. This is 0.9per cent higher compared to 16.0per cent reported in May 2021. The rural inflation rate increased to 17.2percentt in May 2022 (year-on-year) basis; this is a 0.1per cent decline compared to 17.36 recorded in May 2021. On a month-on-month basis, the rural index rose to 1.7per cent in May 2022, up by 0.0per cent from the rate recorded in April 2022 (1.74), while the corresponding twelve-month average percentage change for the rural inflation rate in May 2022 is 15.9percentt. This is 0.9per cent higher compared to 14.9per cent recorded in May 2021.
“The composite food index rose to 19.5 per cent in May 2022 on a year-on-year basis; it declined by 2.7 per cent compared to 22.2per cent in May 2021. This rise in the food index was caused by increases in prices of Bread and cereals, Food products n.e.c, Potatoes, yam, and other tubers, Wine, Fish, Meat, and Oils.
“On a month-on-month basis, the food sub-index increased to 2.01percent in May 2022, up by 0.0per cent points from 2.0per cent recorded in April 2022.
The average annual rate of change of the Food sub-index for e twelve months ending May 2022 over the previous twelve-month average is 18.6per cents, 0.0per cent points decline from the average annual rate of change recorded in May 2021 (19.18) per cent.
The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 14.9per cent in May 2022 on a year-on-year basis, up by 1.7per cent when compared to 13.1per cent recorded in May 2021. On a month-on-month basis, the core sub-index increased to 1.8per cent in May 2022. This is up by 0.6per cent when compared to 1.2per cent recorded in April 2022. The highest increases were recorded in prices of Gas, Liquid fuel, Garment, Solid fuel, Cleaning, Repair and Hire of clothing and Passenger transport by road. The average 12-month annual rate of change of the index was 13.83 per cent for the twelve months ending May 2022; this is 2.33 higher than the 11.5per cent recorded in May 2021.
“In May 2022, all items inflation on a year-on-year basis was highest in Bauchi (20.62 per cent ), Akwa Ibom (20.34 per cent), and Rivers (19.95 per cent), while Kwara (15.45%), Kaduna (15.69 per cent) and Jigaawa (16.15 per cent) recorded the slowest rise in headline Year on Year inflation. On a month-on-month basis, however, May 2022, recorded the highest increase in Bauchi (3.17 per cent),
Bayelsa (2.73 per cent), and Kogi (2.71 per cent), while Yobe (0.22%), Jigawa (0.95 per cent) and Benue (1.07 per cent) recorded the slowest rising month-on-month inflation.”
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