Many states see inflation above 30% despite national slowdown
Despite a slight easing in Nigeria’s headline inflation, more than half of the country’s states and the FCT are still experiencing annual inflation rates above 30 per cent. The latest Consumer Price Index report from the National Bureau of Statistics highlights significant disparities in inflation across states. Niger, Kogi, and the Federal Capital Territory recorded the highest annual inflation rates, while Imo had the lowest. Experts warn that rising food prices remain a major concern for households.
TLDR
- The National Bureau of Statistics reported that 19 states and the FCT recorded annual inflation above 30 per cent, with Niger at 42.23 per cent, Kogi at 41.59 per cent, and the FCT at 39.91 per cent.
- Imo posted the lowest annual inflation rate at 19.47 per cent, still higher than the national average, showing wide disparities.
- Food inflation remains elevated, with Kogi recording the highest annual food inflation at 53.02 per cent, followed by Niger and Benue.
- The report noted that inflation rates should not be used for direct interstate comparisons due to differences in consumer spending patterns.
- Dr Muda Yusuf stated that food inflation is the main driver of the cost-of-living crisis and called for structural reforms rather than further monetary tightening.
