Nigerian sub-national states of Taraba, Ekiti and Jigawa were worst hit by the impact of rising consumer products prices in October 2018 and recorded the highest all items inflation on year-on-year basis with rates of 13.21 percent, 13.18 percent respectively during the period, according to data released recently by the National Bureau of Statistics (NBS).
Food inflation on a year on year basis was however highest in Bayelsa, Abuja and Taraba states recording 16.36 percent, 15.85 percent and 15.27 percent respectively.
On month-on-month basis, however all items inflation was highest in Plateau, Jigawa, and Bauchi recording two percent, 1.97 percent and 1.67 percent respectively, while food inflation was highest in Kogi at 2.28 percent, Plateau 2.42 percent and Nasarawa 2.17 percent.
On the flip side, Ogun (9.63 percent), Cross River (8.79 percent) and Kwara (8.07 percent) recorded the slowest rise in headline year-on-year inflation at 9.63 percent, 8.79 percent and 8.07 percent respectively while food inflation was lowest in Bauchi at 12.17 percent , Oyo 11.76 percent and Plateau 11.36 percent.
Akwa Ibom, Kwara and Ondo recorded negative inflation or price deflation (general decrease in the general price level of goods and services or a negative inflation rate) on a month on month basis in October 2018, while Akwa Ibom, Benue, Kwara and Ondo all recorded food price deflation.
However, the national annual inflation rate declined marginally to 11.26 percent in October 2018 from 11.28 percent in September, reflecting the marginal drop in prices of major food items, beating analysts’ forecast.
Analysts at FSDH Merchant Bank and FDC had earlier projected 11.34 percent and 11.35 percent inflation rates respectively for October, citing continued impact of rising food prices.
The highest increases were recorded in prices of fuel and lubricants, vehicle spare parts, domestic and household services, carpets and other floor coverings, dental services, hospital services, repair of household appliances and medical services.
The average 12-month annual rate of change of the index was 10.90 percent for the twelve-month period ending October 2018 from 11.09 per cent recorded in September.