Nigeria records worst inflation in 17 years as prices of food jump by 21.09%

Nigeria’s food inflation rate in October has risen to 23.72 per cent, just as the headline inflation figure rose to 21.09%, a new 17-year high.

The food inflation of 23% is 5.39% higher compared to the rate recorded in October 2021 (18.34%), a report by the National Bureau of Statistics has disclosed.

NBS said food 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%, this was a 0.21% decline compared to the rate recorded in September 2022 (1.43%).

It stated that the decline was due to the reduction in prices of some food items like tubers, palm oil, maize, beans, and vegetables.

Meanwhile, it said the headline inflation on a month-on-month basis was 1.2%, which is 0.11% lower than the rate recorded in September 2022 (1.36%).

“The percentage change in the average CPI for the twelve months ending October 2022 over the average of the CPI for the previous twelve months period was 17.86%, showing a 0.91% increase compared to the 16.96% recorded in October 2021.”

NBS said there has been a decline in headline inflation in three months due to harvest season but the latest increase was due to disruption in food produce supply, importation cost hike resulting from currency depreciation and rise in production cost.

Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmad, on Monday said the soaring food inflation in the country has outshined the seventh quarterly growth in the economy.

LEAVE A REPLY

Please enter your comment!
Please enter your name here