Nigeria’s headline inflation price hit 28.2 % in November, and eight of the states – Kogi, Lagos, Rivers, Oyo, and Akwa Ibom have lengthy exceeded the 30 % mark.
With inflation charges at 33.28, 32.30, and 32.25 % Kogi, Lagos and River are states with the best inflation charges in Nigeria in accordance with the newest knowledge from the Nationwide Bureau of Statistics.
Ayo Teriba, an economist, mentioned these states are main transit hubs and host a excessive transit inhabitants that drives the costs of products and companies up.
“Kogi is a transit level boarded by 10 states together with the FCT and each time they’re internet hosting a excessive transit inhabitants who elevate the costs of products and companies,” he mentioned Lagos additionally being a number to seaports, airports and the business capital of the nation additionally maintain a excessive transit inhabitants.
For Rivers, “It’s additionally the transit hub for the south-south and hosts a big inhabitants of individuals,” he mentioned.
He talked about that each one these mixed with seasonal components which make issues comparatively excessive presently of the 12 months are causes.
Hovering meals costs is alleged to be the most important reason behind inflation. Nigeria’s meals inflation has been accelerating since August 2019 and crossed 30 % in October rising to 32.84 % in November.
Equally, Kogi, Kwara and Rivers all have meals inflation above 40 %. Oyo, Akwa Ibom, Bauchi, Ogun, Kwara, are the opposite 5 states with their headline inflation price at over 30 %.
Teriba additionally defined that for these states greater inflation is likely to be a base impact.
It refers back to the impression of a rise within the worth degree (i.e. earlier 12 months’s inflation) over the corresponding rise in worth ranges within the present 12 months (i.e., present inflation).
If the inflation price was low within the corresponding interval of the final 12 months, then even a small improve within the worth index will give a excessive price of inflation within the present 12 months.
The next are the eight states with the best inflation price in Nigeria;
Kogi
Kogi tops the state with the best inflation price at 33.28 %. It has persistently been a part of the state with the best inflation for months. The price of meals rose highest in Kogi, the place the meals inflation price within the state surged to 41.29 %.
Lagos
Lagos, the business capital of the nation, recorded an inflation price of 32.30 % and meals inflation price of 39.20.
Rivers
Rivers take third place with an increase in items and companies by 32.5 % and meals inflation at 40.22 %.
Oyo
Oyo state inflation price hit 31.35 % whereas meals inflation hit 33.36 %.
Akwa Ibom
For Akwa Ibom indigenes the costs of products and companies hit 30.69 on a 12 months on a 12 months foundation, whereas the costs of meals elevated by 37.25 % in November 12 months on 12 months.
Bauchi
Bauchi is one other state within the north-central with a really excessive inflation of 30.30 % however not like Kogi and Kwara it has a a lot decrease meals inflation price of 26.14 %. The bottom of all 36 states.
Olumide Adesina, an analyst at Quantum Economics mentioned that its meals inflation price is way decrease in comparison with different north-central states as a result of it’s extra of an agricultural state with most of its indigenous individuals being farmers.
Ogun
Ogun state inflation price hit 30.20 % whereas its meals inflation price elevated to 35.49 % in November.
Kwara
Kwara state is the least of the states with over 30 % inflation price at 30.16 % with a really excessive meals inflation price of 40.72 %.
