National Bureau of Statistics (NBS) has disclosed that the country’s headline inflation rate rose to 21.09 per cent in October 2022, on a year–on–year basis, and representing 5.09 per cent points higher compared to the rate recorded in October 2021, which was 15.99 per cent.
“This shows that the general price level for the headline inflation rate increased in October 2022 when compared to the same month in the preceding year (i.e., October 2021) by 5.09%,” the NBS CPI and Inflation report for October 2022 stated.
The report added that on a month-on-month basis, the Headline inflation rate for October 2022 was 1.24% – “this was 0.11% lower than the rate recorded in September 2022 (1.36%).
“This means that in October 2022, the general price level for the headline inflation rate (month–on–month basis) declined by 0.11%.
“The percentage change in the average CPI for the twelve months ending October 2022 over the average of the CPI for the previous twelve months period was 17.86%, showing a 0.91% increase compared to the 16.96% recorded in October 2021,” the report added.
Meanwhile, the average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (cooking gas) increased by 0.21 per cent on a month-on-month basis from N4,474 recorded in September 2022 to N4,483 in October 2022, the NBS also disclosed in its Liquefied Petroleum Gas (Cooking Gas) Price Watch report (October 2022).
According to NBS, on a year-on-year basis, gas price rose by 70.62 per cent from N2,627.94 in October 2021 to N4,483.75 in the corresponding month of 2022.
“On state profile analysis, Kwara recorded the highest average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (cooking gas) with N4,955.00, followed by Niger with N4,950.00, and Adamawa with N4,940.29.
“On the other hand, Abia recorded the lowest price with N4,045.45, followed by Kano and Delta with N4,100.00 and N4,139.29 respectively,” the report read.
In addition, the NBS report indicated that analysis by zone showed that the North-Central recorded the highest average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N4,726.07, followed by the North-East with N4,577.86, while the South-South recorded the lowest with N4,275.92.
Similarly, the average retail price for refilling a 12.5kg cylinder of Liquefied Petroleum Gas (cooking gas) increased by 1.45 per cent on a month-on-month basis from N9,906.44 in September 2022 to N10,050.53 in October 2022, the report added.
“On a year-on-year basis, this rose by 51.40% from N6,638.27 in October 2021.”
Furthermore, the report showed that on state profile analysis, Cross River recorded the highest average retail price for the refilling of a 12.5kg cylinder of Liquefied Petroleum Gas (cooking gas) with N10,986.11, followed by Oyo with N10,826.56 and Kogi with N10,783.33.
“Conversely, the lowest average price was recorded in Yobe with N8,533.33, followed by Sokoto and Katsina with N9,100.00 and N9,202.86 respectively,” the report added.