On a yearly basis, prices of food items rose the most in Kogi, Oyo, and Gombe States in August, the Consumer Price Index (CPI) report released on Wednesday by the National Bureau of Statistics (NBS) has shown.

The report revealed that in August, food inflation was highest in Kogi at 28.76 per cent, Oyo at 23.69 per cent and Gombe at 22.37 per cent.

River at 17.69 per cent, Edo at 17.26 per cent and Bauchi at 17.24 per cent recorded the slowest rise in year on year food inflation.

The report said on a month-on-month basis, food price inflation was highest in Ekiti at 2.70 per cent, Abuja at 2.62 per cent and Akwa Ibom at 2.50 per cent.

Lagos at 0.04 per cent and Edo at 0.08 per cent recorded the slowest rise with Kaduna recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).

According to the report, the composite food index rose by 20.30 per cent in August 2021 compared to 21.03 per cent in July 2021.

The NBS said the rise in the food price index was caused by increases in prices of bread and cereals, milk, cheese and egg, oils and fats, potatoes, yam and other tubers, meat and coffee, tea and cocoa.

On a month-on-month basis, the food sub-index increased by 1.06 per cent in August 2021, up by 0.20 per cent points from 0.86 per cent recorded in July 2021.

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“The average annual rate of change of the Food sub-index for the twelve months ending August 2021 over the previous twelve-month average was 20.50 per cent, 0.34 per cent points from the average annual rate of change recorded in July 2021 (20.16) per cent,” the report said.

Core Inflation

The report said core inflation, which excludes the prices of volatile agricultural produce, stood at 13.41 per cent in August 2021, down by 0.31 per cent when compared with 13.72 per cent recorded in July 2021.

“On a month-on-month basis, the core sub-index increased by 0.77 per cent in August 2021. This was down

by 0.54 per cent when compared with 1.31 per cent recorded in July 2021.

“The highest increases were recorded in prices of Shoes and other footwear, household textile, motor cars, garments, a game of chance, major household appliances whether electric or not, hospital services, catering services, appliances, articles and products for personal care and clothing materials, other articles of clothing and clothing accessories.

“The average 12-month annual rate of change of the index was 12.29 per cent for the twelve months ending August 2021; this is 0.24 per cent points higher than 12.05 per cent recorded in July 2021,” it said.

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