This is according to the October 2022 consumer price index (CPI) and inflation report from the National Bureau of Statistics (NBS). In the report, Nigeria’s housing water, electricity, gas, and other fuels (energy) inflation rate rose to 16.8% for October 2022. This is the highest rate since March 2017, when the rate stood at 18.9%.
The inflation rate for this category increased to 16.8% in October 2022 from 16.4% in September 2022, and 10.4% in the corresponding period of 2021.
Nairametrics had reported that Nigeria’s inflation rate surged to a new record high of 21.09% in October 2022, marking 0.32% points increase from 20.77% recorded in the previous month.
According to the National Bureau of Statistics (NBS), the rural area consumer price index for energy prices was placed at 17.8%, while the urban consumer price index was at 16.1%, both increasing from 17.4% and 15.7% respectively.
Core inflation rate: The NBS reported that the core inflation rate, which excludes the prices of volatile agricultural produce rose to 17.76% in the review month, a 0.16% point increase from 17.6% recorded in the previous month. Also, the rate is up by 4.52% when compared to the 13.24% recorded in October 2021.
Rates in states: On a year-on-year basis, the highest rise was recorded in Kogi at 25.15%, Bauchi and Ondo at 23.45%, and Bayelsa at 23.09%. Meanwhile, the slowest rise was recorded in Plateau at 19.02%, Borno at 19.31%, and Nasarawa at 19.31%. On a month-on-month basis, the highest rise was recorded in FCT, Abuja at 3.18%, Kebbi at 2.80%, and Sokoto at 2.57%. The slowest rise was recorded in Kwara at – 0.14%, Kogi at 0.06%, and Oyo at 0.30%.
For the record: According to the NBS, an increase in the cost of importation due to the persistent currency (Naira) depreciation and a general increase in the cost of production, could have impacted increased inflation rates over recent years.
- Recent data from the NBS show that Nigerians paid more for petrol, kerosene, and diesel as of Q3/2022.
- Petrol costs rose from N189.46 per litre in August 2022 to N191.65 per litre in September 2022.
- Diesel costs rose to N789.90 per litre in September 2022, representing a 0.38% increase from N786.88 per litre reported in August 2022.
- Kerosene costs rose to N947.30 per litre in September 2022, indicating an increase of 17.02% compared to N809.52 per litre for August 2022.