Nigeria’s food inflation rate increased to 31.52 per cent in October 2023, from 30.64 per cent in September 2023.
The National Bureau of Statistics, NBS, disclosed this in its latest Consumer Price Index, CPI, report.
The figure is 7.80 percentage points higher than the rate one year ago.
On a month-on-month basis, the food inflation in October 2023 stood at 1.91 per cent.
According to the report, the rise in food inflation yearly resulted from increased prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables, milk, cheese and eggs.
DAILY POST reports that Nigeria’s inflation rate for October increased to 27.33 per cent from 26.72 per cent in September.
Nigeria’s inflation rate increases to 27.33 per cent in October
The development comes as Nigerians continue to groan over soaring food prices in the country.
