The National Bureau of Statistics (NBS) data on inflation has shown that residents of Kogi, Kwara, and Lagos states paid the highest for food in October, following the surge of inflation to 27.33 per cent, and food inflation to 31.52 per cent.
According to the NBS, food prices rose the highest in Kogi State by 41.74 per cent, followed by Kwara at 38.48 per cent while Lagos came third as food prices spiked by 37.37 per cent.
“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),” the report stated, “while Borno (24.41 per cent), Kebbi (24.90 per cent) and Jigawa (25.10 per cent) recorded the slowest rise in food inflation on a year-on-year basis.”
The inflation rate, largely driven by food prices, quickened in October for the 10th consecutive month in 2023.
It rose to 27.33 per cent from 26.72 per cent in the previous month, according to the Consumer Price Index (CPI), which measures changes in prices of goods and services.
The CPI report shows that food and non-alcoholic beverages contributed the most (14.16 per cent) to the increase in headline inflation.
Food inflation rose 31.52 per cent in October from 30.64 per cent in the previous month.
“The rise in food inflation on a year-on-year basis was caused by increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables, milk, cheese, and eggs,” the NBS said.
The rising prices of food and other goods and services are putting a strain on consumers’ budgets, making it increasingly difficult for many to afford basic necessities.
A recent survey by SBM Intelligence found that Nigerians were spending 97 per cent of their monthly income on food, with Kogi, Kwara, and Lagos residents being the worst hit for the month of October.
According to the NBS, the contributions of items on the divisional level to the increase in the headline index are food and non-alcoholic beverages (14.16 per cent), housing, water, electricity, gas and other fuel (4.57 per cent); clothing and footwear (2.09 per cent); transport (1.78 per cent); and furnishings, household equipment and maintenance (1.37 per cent).
Others are education (1.08 per cent); health (0.82 per cent); miscellaneous goods and services (0.45 per cent); restaurant and hotels (0.33 per cent); alcoholic beverage, tobacco and kola (0.30 per cent); recreation and culture (0.19 per cent) and communication (0.19 per cent).
On a month-on-month basis however, October 2023 food inflation was highest in Yobe (5.35 per cent), Sokoto (3.68 per cent) and Jigawa (3.45 per cent), while Edo (0.95 per cent), Katsina (1.03 per cent) and Rivers (1.10 per cent) recorded the slowest rise in inflation on a month-on-month basis
