…..as Kwara displaces Kogi as state with highest food index
Nigeria’s consumer price index (CPI), which measures the rate of change in prices of goods and services in the economy, rose to a five-year record high, surging from 17.71 per cent in May to 18.60 percent in June 2022.
The National Bureau of Statistics (NBS) which gave the latest rate in its Consumer Price Index (CPI) Report for June published on Friday, indicated that stated that increases were recorded in all classifications of individual consumption according to purpose (COICOP) divisions that yielded the headline index.
The report further reflected that on a month-on-month basis, the headline inflation rate increased to 1.82 per cent in June 2022, representing 0.03 percent higher than the rate recorded in the preceding month (1.78 per cent).
According to the Bureau, in the month under review, the urban inflation rate increased to 19.09 percent (year-on-year); implying a 0.74 percent increase compared to 18.35 per cent recorded in June 2021.
It also clarified that on a month-on-month basis, the urban inflation rate rose to 1.82 per cent in June 2022, this is a 0.01 per cent increase compared to May 2022 (1.81 per cent).
As expected, the national statistics coordinating agency also reported that the composite food index experienced a similar spike trend, rising to 20.60 percent in June 2022 on a year-on-year basis although the rate of changes in average price level declined by 1.23 per cent compared to 21.83 percent in the corresponding month of last year
The report showed that the rate of changes in food prices in June compared to the same period last year was higher due to higher foods prices volatility caused by COVID 19 but more particularly spiking prices of bread and cereals, food products n.e.c, potatoes, yam, and other tubers, meat, fish, oil and fat, and wine.
The Bureau further reported that on a month-on-month basis, the food sub-index increased to 2.05 percent in month under review, up by 0.03 percent points from 2.01 percent recorded in May 2022.
The agency stated that the average annual rate of change of the Food sub-index for the 12-month period ending June 2022 over the previous 12-month average is 18.62 per cent, which is 1.10 per cent points decline from the average annual rate of change recorded in June 2021 (19.72 per cent).
An analysis of the CPI on state-by-state basis, showed that in the month of June 2022, food inflation was highest in Kwara (25.62%), followed by Kogi (24.81%), and River (24.34%) year-on-year basis, while Jigawa (16.01%), Sokoto (16.24%) and Kaduna (17.75%) recorded the slowest rise in year-on-year food inflation.
The Bureau, however, clarified that on a month-on-month basis, food inflation was highest in Ebonyi (3.52%), followed by Bayelsa (3.27%), and Ondo (3.25%) in June, while Sokoto (0.11%), Taraba (0.94%) and Adamawa (1.22%) recorded the slowest rise in food prices index on month-on-month during the month.
