Nigeria’s food inflation rate in October has risen to 23.72 per cent which is 5.39 per cent higher compared to the rate recorded in October 2021 (18.34 per cent), a report by the National Bureau of Statistics has shown.
This is just as the country’s headline inflation figure rose to 21.09 per cent, a new 17-year high.
The bureau stated that flood inflation was caused by increases in prices of bread and cereals, food products like potatoes, yams and other tubers, oil and fat.
On a month-on-month basis, it said the food inflation rate in October was 1.23 per cent, this was a 0.21 per cent decline compared to the rate recorded in September 2022 (1.43 per cent).
It stated that the decline was due to the reduction in prices of some food items like tubers, palm oil, maize, beans, and vegetables.
