Last year, Nigeria posted its worst inflation in 21 years with a headline inflation rate of 18.85%, the highest since 2001. This is according to an analysis by Nairalytics, the research arm of Nairametrics.
Additional analysis of Nairalytics data website shows that Kogi, Bauchi and Ebonyi led the list of Nigerian states with the highest inflation rate in the year 2022.
A breakdown of the data revealed that Nigeria’s inflation problem in the year of review was caused by rising energy prices following the Russia-Ukraine war, floods, rising money in circulation, and inflation. imported, among others.
Most of the states in Nigeria have endured a double-digit inflation rate in the last five years, which worsened in the last three years, against the backdrop of the covid-19 pandemic in 2020. The war between Russia and Ukraine a early 2022 exacerbated inflationary pressure in the country, resulting in record inflation levels in most states.
States with worst inflation: Kogi State led the list of Nigerian states with the worst inflation in 2022, registering a headline inflation rate of 21.2%, slightly below the average of 21.97% recorded the previous year.
- In particular, the Kogi state has registered the worst rate of inflation for the second year in a row. Bauchi State registered an average inflation of 20.87% in 2022, higher than the 20.7% registered the previous year.
- Ebonyi State registered an average annual inflation rate of 20.61%, which is the third worst state for inflation in 2022. Its inflation rate increased by almost 300 basis points from 17.84% on last year.
- Others on the list include Akwa Ibom (20.47%), Rivers (20.05%), Ondo (20.02%), Kebbi (19.85%), Bayelsa (19.6%), Lagos (19, 35%) and Cross River with 19.26%.
Secondly: Sokoto state registered the lowest inflation rate in the year under review with 17.17%, lower than the 17.9% registered the previous year. Borno State saw its inflation rate increase from 16.04% to 17.48% in 2022, however it was the second best in terms of inflation rate per state.
- Kaduna State recorded an average inflation rate of 17.49%, closely followed by Kwara State at 17.51%.