adminNigeria’s annual inflation rate rose to 27.33 per cent in October from 26.72 per cent in September, according to a report released by the National Bureau of Statistics (NBS) on Wednesday.
The bureau said the October 2023 headline inflation rate showed an increase of 0.61 percentage points in the October 2023 headline inflation rate compared to September 2023.
On a year-on-year basis, the headline inflation rate in October 2023 was 6.24 percentage points higher than the rate recorded in October 2022, which stood at 21,09 percent.
This indicates an increase in the year-on-year headline inflation rate in October 2023 compared to the same month in the previous year, October 2022.
According to the report, the food inflation rate in October 2023 accelerated to 31,52 percent on a year-on-year basis, which was 7,80 percent points higher compared to the rate recorded in October 2022 (23,72 percent).
The increase in food inflation on a year-on-year basis was attributed to higher prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables, milk, cheese, and eggs.
On a month-on-month basis, the food inflation rate in October 2023 was 1,91 percent, which was 0,54 percent lower compared to the rate recorded in September 2023 (2,45 percent).
Per the report, “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.”– Business Insider Africa
Online Reporter