The food Inflation rate in Nigeria was lowest in Bauchi, Anambra and Benue as recorded in the month of January 2018 on a year-on-year basis, as gathered from the National Bureau of Statistics (NBS) report on Wednesday, February 14, 2018.
According to the report, food inflation on a year on year basis was highest in Kwara (24.46%), Nasarawa (22.77%) and Bayelsa (22.60%).
The data reveals on a month on month basis, however, January 2018 food inflation was highest in Bayela (3.47%), Kogi (3.38%) and Nasarawa (2.26%), while Cross River, Kebbi. Yobe, Anambra and Delta all recorded food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate) in January 2018.
High year on year food prices and food price pressure continued into December though generally at a slower pace year on year.
The NBS said the Food Index increased by 18.92 percent (year-on-year) in January 2017, down from the rate recorded in December (19.42 percent).
On a month-on-month basis, the Food sub-index increased by 0.87 percent in January 2018, down by 0.29 percent from 0.58 percent recorded in December.
The average annual rate of change of the Food sub-index for the twelve-month period ending January 2018 over the previous twelve-month average was 19.62 percent, 0.07 percent points from the average annual rate of change recorded in December 2017 (19.55) percent.
The report further said the rise in the food index was caused by increases in prices of imported food in general as well as bread and cereals, milk, cheese and eggs, Vegetables, Fish, Coffee tea and cocoa, meat, Potatoes yam and other tubers and Oil and fats.
The ‘’All Items Less Farm Produce’’ or Core sub-index, which excludes the prices of volatile agricultural, stood during the month of January 2018 at 12.10 percent points, similar to rate recorded in December 2017.
On a month-on-month basis, the Core sub-index increased by 0.68 percent in January 2018, higher from 0.51 percent recorded in December.
The average 12-month annual rate of change of the index was 13.01 percent for the twelve-month period ending January 2018; this is 0.45 percent points lower than 13.46 percent recorded in December 2017.
The highest increases were recorded in prices of Fuel and lubricants for personal transport and transport equipment, Vehicle spare parts, Accommodation services, maintenance and repair of personal transport equipment, Appliances articles and products for personal care, hotels and restaurants, Hairdressing salons and personal grooming establishments, clothing materials and other articles of clothing, garments, non-durable household goods and solid fuels.