Oyo State emerges as highest inflation rate in South West region, reveals NBS

Oyo State emerges as highest inflation rate in South West region, reveals NBS

The National Bureau of Statistics (NBS) has disclosed that Oyo State with 35.61per cent Year-on-Year (YoY) has highest inflation rate in South West region of Nigeria.

The bureau in its latest Consumer Price Index (CPI) report for July 2024 disclosed that Osun state with 35.53 per cent has the second highest inflation rate in the region, followed by Lagos state, 35.51 per cent.

On food infllatiion, Oyo state also emerged as the highest with about per cent YoY as at July 2024, followed by Osun state with 40.41per cent YoY.

Food inflation in Ekiti and Osun State, like in many other parts of Nigeria, can be attributed to a combination of several factors: supply chain disruptions, Insecurity, high cost of agricultural inputs, foreign exchange rate volatility and demand-supply imbalance.

Addressing food inflation in South West region would require a multi-faceted approach, including improving agricultural productivity, enhancing security, stabilizing the economy, and implementing effective policies that support both farmers and consumers.

However, the report by NBS on Thursday revealed that inflation rate in Nigeria dropped to 33.40per cent in July 2024, relative to the June 2024 headline inflation rate of 34.19per cent

“Looking at the movement, the July 2024 headline inflation rate showed a decrease of 0.8percentage points when compared to the June 2024 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 9.32percentage points higher compared to the rate recorded in July 2023, which was 24.08per cent. This shows that the headline inflation rate (year-on-year basis) increased in July 2024 compared to the same month in the preceding year (i.e., July 2023).

“Furthermore, on a month-on-month basis, the headline inflation rate in July 2024 was 2.28per cent, which was 0.03per cent lower than the rate recorded in June 2024 (2.31per cent). This means that in July 2024, the rate of increase in the average price level was lower than the rate of increase in the average price level in June 2024.”

Across the country, the report stated that, “In July 2024, All Items inflation rate on a YoY basis was highest in Bauchi (46.04per cent), Jigawa (40.77per cent), and Kebbi (37.47 per cent) while Benue (27.28 per cent), Delta (28.06 per cent) and Borno (28.33 per cent) recorded the slowest rise in Headline inflation on Year-on-Year basis.

“On a Month-on-Month basis, however, July 2024 recorded the highest increases in Abuja (3.91 per cent), Borno (3.84 per cent), Enugu (3.76 per cent), while Taraba (0.17 per cent), Kwara (0.62 per cent) and Ondo (0.91per cent recorded the slowest rise on Month-on-Month inflation.”

According to the report, food inflation on a YoY basis was highest in Sokoto (46.26per cent), Jigawa (46.05 per cent), Enugu (44.06 per cent) while Adamawa (33.48 per cent), Bauchi (35.10 per cent) and Benue (36.41 per cent), recorded the slowest rise in Food inflation on YoY basis.

“On a Month-on-Month basis, however, July 2024 Food inflation was highest in Borno (5.07 per cent), Sokoto (4.99 per cent), and Enugu (4.17 per cent), while Kwara (0.51 per cent), Taraba (0.56 per cent) and Ondo (0.68 per cent) recorded the slowest rise in Food inflation on Month-on-Month basis,” the report added.