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.
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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%.
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