Taraba, Ek­iti, Ji­gawa worst hit in month in­fla­tion went down to 11.26%

Business a.m. - - NIGERIA FRONTIER MARKETS - Nse An­thony-Uko, in Abuja

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 yearon-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 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 recorded 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 per cent for the twelve-month pe­riod end­ing Oc­to­ber 2018 from 11.09 per cent recorded in Septem­ber.

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