Despite the persistent surge in the cost of food and other commodities, the Nigeria Bureau of Statistics (NBS) has indicated a decline in food inflation in its latest report on inflation for the month of October, contrasting with the overall rise in headline inflation to 27.33%.
As reported by PoliticsNow on Wednesday, the NBS released its latest inflation report, disclosing that food inflation decreased by 0.54%, registering at 1.91% compared to the 2.45% recorded in September.
The report highlighted, “On a month-on-month basis, the Food inflation rate in October 2023 was 1.91%, 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 attributed to the decrease in the rate of increase in the average prices of Fruits, Oil and fat, Coffee, Tea and Cocoa, Bread and Cereals.”
Providing further insight, the report stated, “The average annual rate of Food inflation for the twelve months ending October 2023 over the previous twelve-month average was 26.33%, reflecting a 6.50% points increase from the average annual rate of change recorded in October 2022 (19.83%). On a year-on-year basis, the Food inflation rate in October 2023 was 31.52%, indicating a 7.80% points increase compared to the rate recorded in October 2022 (23.72%). The rise in Food inflation on a year-on-year basis was attributed to increases in prices of Bread and cereals, Oil and fat, Potatoes, Yam and other Tubers, Fish, Fruit, Meat, Vegetables, and Milk, Cheese, and Eggs.”
This latest report unfolds against the backdrop of Nigerians grappling with the adverse effects of the removal of fuel subsidies, which have significantly impacted the prices of essential food items and other crucial commodities across the nation.
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