Despite the continued rise in the price of food and other items, the Nigeria Bureau of Statistics (NBS), in its latest inflation report, suggested a decline in food inflation in October compared with September.
Naija News had on Wednesday reported that the NBS, in its latest inflation report released on Wednesday, revealed that headline inflation rose to 27.33 per cent in October.
The report, however, further detailed that food inflation dropped by 0.54 per cent, standing at 1.91 per cent against the 2.45% recorded in September.
“On a month-on-month basis, the Food inflation rate in October 2023 was 1.91% this was 0.54% lower compared to the rate recorded in September 2023 (2.45%). The decline in Food inflation on a month-over-month basis was caused by the decline in the rate of increase in the average prices of Fruits, Oil and fat, Coffee, Tea and Cocoa, Bread and Cereals,” the report read.
“The average annual rate of Food inflation for the twelve months ending October 2023 over the previous twelve-month average was 26.33%, which was a 6.50% points increase from the average annual rate of change recorded in October 2022 (19.83%). The Food inflation rate in October 2023 was 31.52% on a year-on-year basis, which was 7.80% points higher compared to the rate recorded in October 2022 (23.72%). The rise in Food inflation on a year-on-year basis was caused by increases in prices of Bread and cereals, Oil and fat, Potatoes, Yam and other Tubers, Fish, Fruit, Meat, Vegetables and Milk, Cheese and Eggs,” it added.
The latest report comes as Nigerians continues to battle the hard-felt impact of fuel subsidy removal that have adversely affected the prices of food items and other vital commodities across the country.
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