Food Inflation Rises To 14.09% In Nigeria
On a year on year basis, the composite food index rose by 14.09 percent in October 2019 compared to 13.51 percent in September 2019.
This rise in the food index was caused by increases in prices of Meat, Oils and fats, Bread and cereals, Potatoes, yam and other tubers, Fish and Vegetables.
On a month-on-month basis, the food sub-index increased by 1.33 percent in October 2019, up by 0.03 percentage points from 1.30 percent recorded in September 2019.
The average annual rate of change of the Food sub-index for the twelve-month period ending October 2019 over the previous twelve-month average was 13.54 percent, equivalent to 0.07 percentage points higher than the average annual rate of change recorded in September 2019 (13.47 percent).
All Items Inflation
In October 2019, all items inflation rate, on year on year basis was highest in Kebbi (15.20%), Bauchi (13.97%) and Ondo (13.74%), while Kwara (9.69%), Katsina (9.29%) and Bayelsa (9.07%) recorded the slowest rise in headline year on year inflation rate.
On month on month basis however, October 2019 All items inflation rate was highest in Benue (2.20%), Bauchi (1.87%) and Cross River (1.80%). Anambra recorded the slowest rise at 0.28%, while Bayelsa and Ebonyi saw a decline in the headline month on month index by -0.13% and -0.35% respectively.
In October 2019, food inflation rate on a year on year basis was highest in Kebbi (17.53%), Ondo (17.01%) and Ogun (17.00%), while Kogi (12.12%), Katsina (11.18%) and Bayelsa (9.55%) recorded the slowest rise.
On month on month basis, however, October 2019 food inflation rate was highest in Oyo (2.56%), Osun (2.52%) and Lagos (2.05%) while Enugu (0.24%) and Abuja (0.14%) saw the slowest increases in a month on month food inflation rate. Bayelsa, at -0.35%, recorded price deflation or negative inflation (that is, a decrease in the general price level of food or a negative food inflation rate).