May 16, (THEWILL) – Bayelsa, Kogi and Rivers – were most battered by inflation among Nigeria’s 36 states, in April, 2023, according to the National Bureau of Statistics (NBS).
Analysing price movements under the states, the NBS said Bayelsa, Kogi and Rivers experienced the highest inflation rate at 26.14 percent, 25.57 percent and 24.95 percent respectively, on a year-on-year basis.
On the other hand, Borno, Taraba and Sokoto (19.06%), recorded the slowest rise in headline inflation on a year-on-year basis, with 19.06 percent, 19.64 percent and 19.90 percent respectively, year-on-year.
The statistical agency in its Consumer Price Index (CPI) report published Monday, which showed Nigeria’s annual inflation rate at 22.22 percent, year-by-year, stated that the raging inflation was driven by soaring food prices.
“In April 2023, food inflation on a year-on-year basis was highest in Kogi (29.50%), Kwara (29.48%), and Bayelsa (29.38%), while Sokoto (19.55%), Taraba (20.20%) and Jigawa (20.68%) recorded the slowest rise in food inflation on a year-on-year basis,” the report stated.
The NBS said ‘All items less farm produce’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 20.14% in April 2023 on a year-on-year basis, rose by 5.96 percent when compared to the 14.18 percent recorded in April 2022.
The highest increases were recorded in prices of Gas, Passenger transport by Air, Liquid fuel, Vehicle spare parts, Fuels, and lubricants for personal transport equipment, Medical services, Passenger transport by road, and the others
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
