NBS Report: Ekiti Confident Interventions Will Reduce High Inflation Rate

Ekiti State government has expressed confidence that its various investment in ease of doing business, road construction and rural electrification will address high inflation rate of the state.

The assurance was in reaction to the National Bureau of Statistics’ (NBS) August 2025 Consumer Price Index (CPI), revealing that the State recorded an all-item inflation rate of 28.2 percent year-on-year.

A statement by the Chief Press Secretary to the Governor, Yinka Oyebode on Wednesday, Ekiti State government noted that the NBS report showed that the State had the highest inflation rate for the month of August.

“The report indicated that inflation in Ekiti is powered by non-food categories such as housing, transport, electricity and other services.

“The State Government expects that interventions like its ease of doing business reforms will eventually bring down housing costs; investment in our road network will reflect in lower transportation costs; and finally, the investment in community electrification will also moderate power costs.

“In addition, the Government will reinforce its engagement with both private and public institutions and continue to adopt a data driven approach to improving the lives of Ekiti people,” Oyebode stressed.

It however, expressed happiness over the NBS 2025 Consumer Price Index (CPI) report of August which showed a moderation of food prices in the State.

The NBS, in the monthly report said food prices, which is often the driver of state-level inflation, eased significantly during the period.

Food index, according to the report, dropped by 6.8 percent month-on-month, while annual food inflation at 16.8 percent was currently below the national average.

Oyebode said the significant improvement, though still far from the target set by Governor Biodun Oyebanji was due to concerted efforts and the administration’s huge investment in agriculture development.

“The administration’s approach to agriculture is anchored on youth involvement as well as Government’s strategic partnership with the private sector. This has led to more youth involvement in agriculture with attendant food surplus and drop in cost of food items.

“In addition, the price moderation reflects the impact of ‘Ounje Ekiti’, an initiative of the Ilu Eye Trading Company which now undertakes strategic intervention in boosting food supply,” the statement said.