Nigeria’s inflation has surged for the 10th consecutive month, reaching a staggering high of 27.33% in October, driven primarily by escalating food prices.
This increase of 0.61 percentage points compared to September’s 26.72% was unveiled by the National Bureau of Statistics (NBS) in its latest Consumer Price Index (CPI) report.
The NBS report highlighted a year-on-year rise in the food index, climbing to 31.52% from 30.64%. The spike in food inflation was attributed to the soaring prices of essential items such as bread, cereals, oil, fat, potatoes, yams, fish, fruits, meats, vegetables, milk, cheese, and eggs.
While the headline inflation rate showed a notable increase from the previous month, there was a slight month-on-month decline of 0.37 percentage points, dropping to 1.73% in October from 2.1% in September.
The NBS elaborated on food inflation, explaining that on a year-on-year basis, Kogi (41.74%), Kwara (38.48%), and Lagos (37.37%) experienced the highest levels. In comparison, Borno (24.41%), Kebbi (24.90%), and Jigawa (25.10%) saw comparatively slower increases during this period.
The NBS reiterated that the surge in food inflation stemmed from the substantial price hikes across various essential food items. On a month-on-month basis, October 2023 witnessed a food inflation rate of 1.91%, marking a 0.54 percentage point decrease from September’s rate of 2.45%.
Follow us on Twitter for more news updates.
Comments 1