The Nation Newspaper

Tag: NBS

  • NBS: Airfare rises by 61% in one year

    NBS: Airfare rises by 61% in one year

    The National Bureau of Statistics (NBS) on Tuesday, December 26, said that average airfare paid by passengers rose by 61.27% in 12 months.

    Its report titled: “Transport Fare Watch for November 2023,” which made the disclosure yesterday noted that “On a year-on-year basis, the fare rose by 61.27% from N3,848.48 in November 2022.”

    The NBS added that in air travel, the average fare paid by air passengers for specified routes single journey was N81,334.05 in November 2023, showing an increase of 3.24% while compared to previous month (October 2023).

    The report also said on a year-on -year basis, the fare rose by 11.01% from N73,270.27 in November 2022. 

    According to the Bureau, the  average transport fare paid on Okada transportation was N473.13 in November 2023 which declined by 6.74% when compared with the value recorded in October 2023 (N507.30). On a year-on-year basis, the fare rose by 3.07% when compared with November 2022 (N459.02). 

    NBS said for water transport (waterway passenger transportation), the average fare paid in November 2023 decreased to N1,352.70 from N1,395.68 which indicates a decrease of -3.08% on monthly basis. On a year-on-year basis, it increased by 34.42% from N1,006.33 in November 2022. 

    The bureau explained that Transport Fare Watch for November 2023 covers the following categories: bus journey within the city per drop constant route; bus journey intercity (state route) charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and water way passenger transport.

    According to the report, the  average fare paid by commuters for bus journeys within the city per drop decline to -6.23% from N1,117.30 in October to N1,047.63 in November 2023. On a year-on-year basis, it rose by 64.44% from N637.10 in November 2022. 

    NBS said in another category, the average fare paid by commuters for bus journey intercity per drop was N6,206.53 in November 2023, indicating an increase of 5.45% on a month-on-month basis compared to N5,885.68 in October 2023. 

  • NBS: Petrol price up by 220 per cent in one year

    NBS: Petrol price up by 220 per cent in one year

    The National Bureau of Statistics (NBS), says the average retail price of a litre of petrol increased from N202.48 in November 2022 to N648.93 in November 2023.

    NBS said this in its Petrol Price Watch for November 2023 released in Abuja on Thursday.

    It stated that the November 2023 price of N648.93 represented a 220.49 per cent increase over the price of N202.48 recorded in November 2022.

    “Comparing the average price value with the previous month of October 2023, the average retail price increased by 2.90 per cent from N630.63.

    “On state profiles analysis, Kebbi paid the highest average retail price of N691.00 per litre, followed by Jigawa and Akwa Ibom at N677.67 and N675.00, respectively.

    “Conversely, Taraba, Kaduna and Lagos paid the lowest average retail price at N618.00, N620.29 and N623.12, respectively,’’ it stated.

    Analysis by zones showed that the South-South recorded the highest average retail price in November 2023 at N663.59, while the North-East recorded the lowest price of N632.75 per litre.

    The NBS also stated in its Diesel Price Watch Report for November 2023 that the average retail price was N1055.57 per litre.

    It said that the November 2023 price of N1055.57 per litre amounted to a 30.50 per cent increase over the N808.87 per litre paid in November 2022.

    Read Also: PTAD debunks claims on failure to enrol, pay BOA pensioners

    “On a month-on-month basis, the price increased by 5.03 per cent from the N1004.98

    per litre recorded in October 2023,’’ it added.

    On state profile analysis, the report said the highest average price of diesel in November 2023 was recorded in Benue at N1280.00 per litre, followed by Kaduna at N1183.45 and Sokoto at N1183.33.

    On the other hand, the lowest price was recorded in Rivers at N875.00 per litre, followed by Abia at N900.77 and Bayelsa at N920.00 per litre.

    News Agency of Nigeria (NAN) reported that in addition, the analysis by zones showed that the North-Central Zone has the highest price of N1123.75 per litre, while the South-East recorded the lowest price at N959.69 per litre.

  • JUST IN: Nigeria’s unemployment rate increased to 4.2% in Q2 2023 – NBS

    JUST IN: Nigeria’s unemployment rate increased to 4.2% in Q2 2023 – NBS

    The National Bureau of Statistics (NBS) says the unemployment rate in Nigeria increased to 4.2 per cent in Q2 2023 from the 4.1 per cent recorded in Q1 2023.

    The NBS said this in its Nigeria Labour Force Survey for Q2 2023, released in Abuja on Thursday.

    It said the unemployment rate was defined as the share of the labour force who were not employed but who were actively searching and were available for work.

    In terms of educational attainment, the report said the rate of unemployment among persons with post-secondary education was 8.0 per cent in Q2 2023.

    “Those with upper secondary education was 5.4 per cent, while those with lower secondary education was 3.7 per cent, 3.0 per cent for those with primary education and 2.5 per cent for those with no formal education.”

    It said the unemployment rate among youth aged (15-24 years) in Q2 2023 was 7.2 per cent compared to the 6.9 per cent recorded in Q1 2023.

    The report said the unemployment rate among men was 3.5 per cent and 5.9 per cent among women in Q2 2023.

    “The unemployment rate in urban areas was 5.9 per cent in Q2 2023, which was an increase from the 5.4 per cent recorded in Q1 2023.

    “While the unemployment rate in rural areas was 2.5 per cent in Q2 2023, which was a decline from the 2.9 per cent recorded in Q1 2023.”

    The NBS said time-related underemployment in Q2 2023 was 11.8 per cent compared to 12.2 per cent recorded in Q1 2023.

    It said time-related underemployment rate was the share of employed people who were working less than 40 hours per week, but who would be willing and available to work more.

    ” The share of employed men that were underemployed was 8.4 per cent while the share of employed women that were underemployed was 15.3 per cent in Q2 2023.

    ” The underemployment rate was 10.3 per cent in urban areas and 13.2 per cent in rural areas.”

    The NBS said the share of employed persons aged 15 to 24 years that were underemployed was 19.3 per cent.

    The report said the combined rate of unemployment and time-related underemployment as a share of the labour force population (LU2) was 15.5 per cent in Q2 2023.

    The NBS said the labour force participation rate among the working-age population in Nigeria was 80 per cent in Q2 2023 compared to 79.9 recorded in Q1 2023.

    The report said the participation rate among men was 82.1 per cent while for women it was 78.8 per cent.

    “The participation rate was 78.4 per cent in urban areas and 82.6 per cent in rural areas in Q2 2023.”

    It said the employment-to-population ratio, which was the proportion of the working-age population that was employed was 77.1 per cent in Q2 2023.

    The report said the employment-to-population ratio for men and women was 79.3 per cent and 74.9 per cent, respectively.

    “The employment-to-population ratio in urban areas was 73.8 per cent compared to 80.5 per cent in rural areas in Q2 2023.”

    Read Also: Nigeria’s inflation rate hits 28.2% in November – NBS

    The report said 88.0 per cent of employed Nigerians were primarily self-employed with the remaining 12.0 per cent engaged as employees(wage employment) in Q2 2023.

    It said 85.2 per cent of employed men were self-employed, while 91.0 per cent of employed women were self-employed.

    ” While men and women engaged as employees(wage employment) was reported at 14.8 per cent and 9.0 per cent, respectively.

    The report said 8.0 per cent of the working-age population were in subsistence agriculture.

    The NBS said the informal employment rate in Q2 2023 was 92.7 per cent.

    It said in Q2 2023, the percentage of youth (15-24 years) identified as Young Persons Not in Employment, Education nor Training (NEET) was 13.8 per cent.

    “This is an increase from the 12.1 per cent and 10.0 per cent recorded in Q4 2022 and Q1 2023, respectively,” the NBS said.

    (NAN)

  • Nigeria’s inflation rate hits 28.2% in November – NBS

    Nigeria’s inflation rate hits 28.2% in November – NBS

    The National Bureau of Statistics (NBS) yesterday said Nigeria’s  headline inflation rate increased to 28.2 per cent in November showing a 0.87 per cent points increase over the 27.33 per cent recorded in October.

    The NBS noted that the November 2023 rate was 6.73 per cent higher than what was recorded in November 2022.

    The bureau stated this in its Consumer Price Index (CPI) and Inflation Report for November released in Abuja.

    In November 2022, it said  the headline inflation rate stood at 21.47 per cent.

    It added that the increase in the headline index for November 2023 on a year-on-year basis and month-on-month basis was attributable to increases in items in the basket of goods and services at the divisional level.

    Increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuels, clothing and footwear, and transport.

    There were increases also in furnishing, household equipment and maintenance, education, health, miscellaneous goods and services, restaurants and hotels, alcoholic beverage, tobacco and kola, recreation and culture, and communication, it stated.

    The NBS stated also that on a month-on-month basis, headline inflation rate in November was 2.09 per cent, which was 0.35 per cent higher than the rate recorded in October at 1.73 per cent.

    “This means that in November, the rate of increase in the average price level is more than the rate of increase in the average price level in October,’’ it stated.

    It added that the percentage change in the average CPI for the 12 months ending November 2023 over the average of the CPI for the previous corresponding 12-month period was 24.01 per cent.

    “This indicates a 5.64 per cent increase compared to 18.37 per cent recorded in November 2022,’’ it stated.

    The report indicated that food inflation rate in November increased to 32.84 per cent on a year-on-year basis, which was 8.72 per cent higher compared to the rate recorded in November 2022 at 24.13 per cent.

    “The rise in food inflation on a year-on-year basis is caused by increases in prices of oil and fats, bread, cereals, fish, potatoes, tubers, fruits, meat, vegetables, coffee, tea and cocoa,’’ it stated.

    It added that on a month-on-month basis, the food inflation rate in November was 2.42 per cent, which was a 0.51 per cent increase compared to the rate recorded in October 2023 at 1.91 per cent.

     “The rise in food inflation on a month-on-month basis was caused by an increase in the average prices of bread and cereals, oil and fat, meat, coffee, tea and cocoa, potatoes and other tubers.

    Read Also: Shettima inaugurates core working group on fight against malnutrition

    “All items, less farm produce and energy or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 22.38 per cent in November on a year-on-year basis.

    “This increased by 4.39 per cent compared to 17.99 per cent recorded in November 2022.

     “The exclusion of petrol is due to the deregulation of the commodity by removal of subsidy,’’ the NBS stated.

    It noted that the highest increases were recorded in prices of transportation by road and by air; medical services, actual and imputed rentals for housing, pharmaceutical products and accommodation.

    The NBS said on a month-on-month basis, the core inflation rate was 1.53 per cent in November 2023.

    “This indicates a 0.14 per cent rise compared to what was recorded in October 2023 at 1.39 per cent.”

    “The average 12-month annual inflation rate was 20.35 per cent for the 12 months ending November 2023; this was 4.66 per cent points higher than the 15.69 per cent recorded in November 2022,’’ it stated.

    It added that on a year-on-year basis, urban inflation rate in November was 30.21 per cent, which was 8.13 per cent higher than the 22.09 per cent recorded in November 2022.

     “On a month-on-month basis, the urban inflation rate was 2.31 per cent in November representing a 0.41 per cent increase compared to October 2023 at 1.81 per cent,’’ it added.

    The report said on a year-on-year basis in November, inflationary rate in rural areas was 26.43 per cent, which was 5.55 per cent higher compared to the 20.88 per cent recorded in November 2022.

    “On a month-on-month basis, the rural inflation rate was 1.99 per cent, which increased by 0.31 per cent compared to October 2023 at 1.67 per cent,’’ it stated.

    On states’ profile analysis, the report showed that all- items inflation rate on a year-on-year basis in November, was highest in Kogi at 33.28 per cent, followed by Lagos at 32.30 per cent, and Rivers at 32.25 per cent.

    The slowest rise in headline inflation on a year-on-year basis was recorded in Borno at 22.47 per cent, followed by Katsina at 24.91 per cent, and Plateau at 25.53 per cent.

    The report added that in November 2023, all-items inflation rate on a month-on-month basis was highest in Kano at 3.55 per cent, followed by Kebbi at 3.34 per cent, and Borno at 3.24 per cent.

    “Taraba was at 0.74 per cent, followed by Anambra at 1 per cent, while and Enugu State at 1.18 per cent, recorded the slowest rise in month-on-month inflation,’’ the NBS stated.

    The report said on a year-on-year basis, food inflation was highest in Kogi at 41.29 per cent, followed by Kwara at 40.72 per cent, and Rivers at 40.22 per cent.

    “ Bauchi at 26.14 per cent, followed by Borno at 27.34 per cent and Jigawa at 27.63 per cent recorded the slowest rise in food inflation on a year-on-year basis.,’’ it stated.

    The report showed, however, that on a month-on-month basis, food inflation was highest in Cross River at 4.37 per cent, followed by Edo at 3.95 per cent, and Rivers at 3.91 per cent.

    Anambra at 0.63 per cent, followed by Oyo at 0.91 per cent and Bauchi at 1 per cent, recorded the slowest rise in inflation on a month-on-month basis, the NBS stated also.

  • Costs of food, gas, fuel push inflation to 28.20%, says NBS

    Costs of food, gas, fuel push inflation to 28.20%, says NBS

    Following the rise in the costs of food, fuel, energy, electricity, and others, the National Bureau of Statistics (NBS) on Friday, December 15, said the inflation rate rose from 27.33% in October 2023 to 28.20% in November 2023.

    Accounting for the cause of the increase in inflation, the Bureau said food and non-alcoholic beverages costs rose to 14.61%.

    It also noted that clothing and footwear increased by 4.72% and transport costs rose by 2.16%.

    This was contained in its document tagged: “CPI and Inflation Report November 2023.”

    The report said: “In November 2023, the headline inflation rate increased to 28.20% relative to October 2023 headline inflation rate which was 27.33%.”

    NBS noted that looking at the movement, the November 2023 headline inflation rate showed an increase of 0.87% points when compared to the October 2023 headline inflation rate. On a year-on-year basis, the headline inflation rate was 6.73% points higher compared to the rate recorded in November 2022, which was 21.47%.

    The Bureau said this shows that the headline inflation rate (year-on-year basis) increased in November 2023 when compared to the same month in the preceding year (i.e., November 2022).

    NBS added that on a month-on-month basis, the headline inflation rate in November 2023 was 2.09%, which was 0.35% higher than the rate recorded in October 2023 (1.73%).

    According to the report, this means that in November 2023, the rate of increase in the average price level is more than the rate of increase in the average price level in October 2023.

    The report said in  November 2023, all Items inflation rate on a Year-on-Year basis was highest in Kogi (33.28%), Lagos (32.30%), Rivers (32.25%), while Borno (22.47%), Katsina (24.91%) and Plateau (25.53%) recorded the slowest rise in Headline inflation on Year-on-Year basis.

    Read Also: Nigeria records N948.07bn VAT in Q3 2023 – NBS

    NBS further noted that on a Month-on-Month basis, however, November 2023 recorded the highest increases in Kano (3.55%), Kebbi (3.34%), Borno (3.24%), while Taraba (0.74%), Anambra (1.00%) and Enugu (1.18%) recorded the slowest rise on Month-on-Month inflation.

    On food inflation, NBS said “In November 2023, Food inflation on a Year-on-Year basis was highest in Kogi (41.29%), Kwara (40.72%) and Rivers (40.22%), while Bauchi (26.14%), Borno (27.34%) and Jigawa (27.63%) recorded the slowest rise in Food inflation on Year-on-Year basis. On a Month-on

    -Month basis, however, in November 2023 Food inflation was highest in Cross River (4.37%),

    Edo (3.95%) and Rivers (3.91%), while Anambra (0.63%), Oyo (0.91%) and Bauchi (1.00%) recorded the slowest rise in inflation on Month-on-Month basis.”

  • Nigeria records N948.07bn VAT in Q3 2023 – NBS

    Nigeria records N948.07bn VAT in Q3 2023 – NBS

    The National Bureau of Statistics (NBS), said the aggregate Value Added Tax (VAT) stood at N948.07 billion in Q3 2023.

    This is according to the VAT Q3 2023 Report released in Abuja on Monday.

    The report shows a growth rate of 21.34 per cent on a quarter-on-quarter basis from N781.35 billion in Q2 2023.

    It said local payments recorded were N522.08 billion, while foreign VAT payments contributed N204.58 billion, and import VAT contributed N221.41 billion in Q3 2023.

    The report said on a quarter-on-quarter basis, agriculture, forestry and fishing recorded the highest growth rate with 91.87 per cent.

    “This was followed by activities of extraterritorial organisations and bodies with 80.25 per cent.”

    “On the other hand, real estate had the lowest growth rate with –37.68 per cent , followed by construction with – 9.54 per cent.”

    Read Also: Nigeria records N1.888tr trade surplus in Q2, says NBS

    In terms of sectoral contributions, the report showed the top three largest shares in Q3 2023 were manufacturing with 26.51 per cent, information and communication with 19.04 per cent, and financial and insurance activities with 12.31 per cent.

    “On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.02 per cent.

    “This was followed by water supply, sewerage, waste management, and remediation activities with 0.06 per cent.

    “This was closely followed by activities of extraterritorial organisations and bodies with 0.10 per cent.”

    The report, however, said on a year-on-year basis, VAT collections in Q3 2023 increased by 51.60 per cent from Q3 2022.

    (NAN)

  • Nigeria records N1.888tr trade surplus in Q2, says NBS

    Nigeria records N1.888tr trade surplus in Q2, says NBS

    The National Bureau of Statistics (NBS) has said Nigeria recorded trade surplus of N1.888 trillion in the second quarter of this year (Q2 2023).

    According to its document, tagged: Foreign Trade in Goods Statistics (Q3 2023), the total trade in the period under review was N18.804 trillion.

    The report noted that the country exported goods valued at N10.346 trillion while it imported goods worth N8.457 trillion.

    NBS said: “Total trade in the third quarter of 2023 stood at N18,804.29 billion. Exports were valued at N10,346.60 billion while total imports stood at N8,457.68 billion.” 

    Read Also: 2022 floods caused $9.12b economic damage, says NBS

    The document explained that the total exports increased by 60.78 per cent, compared to the amount recorded in the second quarter of 2023 (N6.435.13 trillion), as well as by 74.36 per cent, compared to the corresponding quarter in 2022 (N5.934.15 trillion). 

    According to NBS, total imports increased by 47.70 per cent, compared to the value recorded in the second quarter of 2023 (N5,726.25 billion) and by 33.33 per cent, when compared to the value recorded in the corresponding quarter of 2022 (N6,343.53 billion).

  • NBS targets improved statistical system for Nigeria

    NBS targets improved statistical system for Nigeria

    The National Bureau of Statistics (NBS) says it is working on providing an improved and reliable statistical system required for the economic prosperity of Nigeria.

    The Statistician-General of the Federation, Prince Adeyemi Adeniran, disclosed this during the Southern Stakeholders Engagement Workshop for the Drafting of the National Strategy for the Development of Statistics (NSDS) Phase III, on Monday in Uyo.

    Adeniran noted that it was imperative to forge a robust strategy to guide the growth and development of the system that will be responsible for producing the data that the country will depend on.

    He said: “Over the past couple of months, NBS, in line with its role and position as the Coordinator of the Statistical System in

    Nigeria has been working tirelessly on the process of developing a new National Strategy for the Development of Statistics (NSDS) in Nigeria.

    “Statistics, often hailed as the ‘silent language of governance,’ form the bedrock of an informed and thriving society.

    “They guide policy formulation, resource allocation, and progress evaluation. As we convene today for this crucial task, let us recognize that statistics go beyond mere numbers; they articulate the narrative of the situation in society, inform decisions, policies, and programmes, and pave the way for a brighter future.

    Read Also: Minister urges farmers to access mechanisation through clusters

    “The accuracy and quality of our statistics are paramount. We must continuously strive for excellence in data collection, analysis, and dissemination to maintain the trust and confidence of our data users and policymakers.

    He added: “The quality of the output, the soundness of methodology and processes, and the robustness of our data sources are extremely vital and require due attention under this new strategy.

    “We will continue to work together to build a stronger and more vibrant statistical system that is capable and well-resourced to produce and facilitate the use of data in our progress towards sustainable development.

    “By doing so, we will fulfill our mandate and contribute to a data-driven, progressive, and economically viable Nigeria that works for the benefit of all our citizens.”

    The Statistician-General, however, noted that NBS would foster collaborations with local and international organisations, academia, and the private sector, to access resources, knowledge, and technical assistance and advance the nation’s statistical system.

    Also speaking, the State Governor, Pastor Umo Eno commended NBS for their efforts to modernise the statistical system at all levels in the country.

    Eno represented by his Commissioner for Economic Development, Mr . Emem Bob stressed that such efforts will enable the production of official statistics that all stakeholders would rely on for their respective programme and projects.

    The Governor who declared the event open, urged all participants to contribute diligently to the new NSDS, in order to address gaps and challenges hindering the production of unified data that accurately reflects current emerging realities in the country.

    In his welcoming remarks, the State Director of Statistics, Mr Peter Akpan noted that in the present era of data, the official statistics were indispensable for effective governance.

    He said that it was necessary to modernise the State and National Statistical System in a way that would reflect the internationally recognised framework.

  • Petrol increased to N626.21 in September – NBS

    Petrol increased to N626.21 in September – NBS

    The National Bureau of Statistics (NBS), says the average retail price of a litre of petrol increased from N191.65 in September 2022 to N626.21 in September 2023.

    It made the declaration in its Petrol Price Watch for September 2023 released in Abuja on Saturday.

    It stated that the September 2023 price of N626.21 represented a 226.75 per cent increase over the price of N191.65 recorded in September 2022.

    “Comparing the average price value with the previous month of August 2023, the average retail price increased by 0.08 per cent from N626.70.

    “On state profiles analysis, Taraba paid the highest average retail price of N665.56 per litre, followed by Borno and Benue at N657.37 and N641.29, respectively.

    “Conversely, Rivers, Delta and Jigawa paid the lowest average retail prices at N602.55, N605.88 and N617.42, respectively,’’ it stated.

    Analysis by zones showed that the North-East recorded the highest average retail price in September 2023 at N638.33, while the South-South recorded the lowest at N618.47 per litre.

    The NBS also stated in its Diesel Price Watch Report for September 2023 that the average retail price was N890.80 per litre.

    Read Also: NLC and petrol subsidy protest

    It explained further that the September 2023 price of N890.80 per litre amounted to a 12.77 per cent increase over the N789.90 per litre paid in September 2022.

    “On a month-on-month basis, the price increased by 4.27 per cent from the N854.32 per litre recorded in August 2023,’’ it added.

    On state profile analysis, the report said the highest average price of diesel in September 2023 was recorded in Kano at N967.78 per litre, followed by Anambra at N950.95 per litre and Niger at N950.55 per litre.

    On the other hand, the lowest price was recorded in Bayelsa at N840.16 per litre followed by Katsina at N840.55 per litre and Rivers at N840.82 per litre.

    In addition, the analysis by zones showed that the South-East has the highest price at N918.06 per litre, while the South-South recorded the lowest price at N863.97 per litre.

    (NAN)

  • NBS: Food, fuel push inflation to 26.72% in September

    NBS: Food, fuel push inflation to 26.72% in September

    Due to the surge in food, fuel, gas, and other commodity prices, the inflation rate escalated from 25.80% in August 2023 to 26.72% in September 2023.

    The National Bureau of Statistics (NBS) on Monday, October 16, announced this in its document titled: “CPI and Inflation Report September 2023.”

    NBS said: “In September 2023, the headline inflation rate increased to 26.72% relative to the August 2023 headline inflation rate which was 25.80%.”

    The bureau noted that the increase was by 0.92% points when compared to that of August 2023.

    NBS said looking at the movement, the September 2023 headline inflation rate showed an increase of 0.92% points when compared to the August 2023 headline inflation rate.

    It explained that on a year-on-year basis, the headline inflation rate was 5.94% points higher compared to the rate recorded in September 2022, which was 20.77%.

    The document said this shows that the headline inflation rate (year-on-year basis) increased in September 2023 when compared to the same month in the preceding year (i.e., September 2022).

    NBS further noted that on a month-on-month basis, the headline inflation rate in September 2023 was 2.10%, which was 1.08% lower than the rate recorded in August 2023 (3.18%).

    The document said in the period under review, food inflation was 30.64% on a year-on-year basis, which was 7.30% points higher compared to the rate recorded in September 2022 (23.34%). According to the document, the rise in food inflation on a year-on-year basis was caused by increases in prices of Oil and fat, Bread and cereals, Potatoes, Yam and other Tubers, Fish, Fruit, Meat, Vegetables and Milk, Cheese, and Eggs.

    Read Also: World economy incomplete without  prosperous Africa

    On a month-on-month basis, said NBS, the Food inflation rate in September 2023 was 2.45%, this was 1.41% lower compared to the rate recorded in August 2023 (3.87%).

    The bureau noted that the September 2023 all-items inflation rate on a year-on-year basis was highest in Kogi (32.95%), Rivers (30.63%), Lagos (30.04%), while Borno (21.05%), Jigawa (22.39%) and Benue (23.22%) recorded the slowest rise in headline inflation on a year-on-year basis.

    NBS added that on a month-on-month basis, however, September 2023 recorded the highest increases in Taraba (3.39%), Bauchi (3.38%), Niger (3.28%), while Borno (0.71%), Ekiti (1.05%) and Benue (1.13%) recorded the slowest rise in month-on-month inflation.

    The document said in the period under review, food inflation on a year-on-year basis was highest in Kogi (39.37%), Rivers (35.95%), and Lagos (35.66%), while Jigawa (23.41%), Borno (25.29%) and Sokoto (25.38%) recorded the slowest rise in food inflation on a year-on-year basis.

    NBS said on a month-on-month basis, however, in September 2023 Food inflation was highest in Akwa Ibom (4.23%), Niger (4.19%), and Ebonyi (3.74%), while Cross River (0.31%), Borno (0.62%) and Bayelsa (0.73%) recorded the slowest rise in inflation on a month-on-month basis.

    Continuing, NBS “On a year-on-year basis, in September 2023, the Urban inflation rate was 28.68%, this was 7.43% points higher compared to the 21.25% recorded in September 2022. On a month-on-month basis, the urban inflation rate was 2.24% in September 2023, this was 1.05% points lower compared to August 2023 (3.29%). “The corresponding twelve-month average for the

    The urban inflation rate was 24.10% in September 2023.

    “This was 6.16% points higher compared to the 17.94% reported in September 2022.

    “The Rural inflation rate in September 2023 was 24.94% on a year-on-year basis; this was

    4.62% points higher compared to the 20.32% recorded in September 2022. On a month-on-month basis, the Rural inflation rate in September 2023 was 1.96%, down by 1.12% points compared to August 2023 (3.08%).

    “The corresponding twelve-month average for the Rural inflation rate in September 2023 was 21.79%. This was 4.85% higher compared to the 16.94% recorded in September 2022.”