Nigeria’s food inflation rate increased by 5.39% from the rate seen in October 2021 (18.34%) to 23.72% on an annual basis.
This is in accordance with the National Bureau of Statistics’ report on the Consumer Price Index (CPI) for October.
The cost of necessary food items has significantly increased, which is what caused the increase. In the report, it was stated:
“The rise in food inflation was caused by increases in prices of Bread and cereals, Food products n.e.c, Potatoes, yams and other tubers, oil and fat. The average annual rate of food inflation for the twelve months ending October 2022 was 19.83%, which was a 0.92% points decline from the average annual rate of change recorded in October 2021 (20.75%).”
Inflation is rising against a backdrop of widespread flooding that destroyed 400,000 hectares of farmland. Analysts anticipated that the harm might increase food prices.
Recall that the federal government has already provided aid in 21 states. Sadly, 612 Nigerians are now confirmed dead, and 392,399 hectares of farmland have been destroyed.
Nigeria’s inflation rate accelerates to 21.09% in October 2022
According to the NBS, headline inflation increased from 20.77% in September 2022 to 21.09% in October 2022.
Nigeria’s inflation rate increased by 0.32% points from the 20.77% recorded in September to a new 17-year high of 21.09% in October 2022.
According to the National Bureau of Statistics’ report on the Consumer Price Index (CPI) (NBS).
While the core inflation rate increased to 17.76% from 17.6%, food inflation also increased to 23.72% in the review month from 23.34% in the preceding month.
The NBS claims that increases in the cost of bread and cereals, food items, potatoes, yams, and other tubers, as well as oil and fat, are to blame for the rise in the food inflation rate.
The prices of gas, liquid fuel, air travel for passengers, solid fuel, and auto parts, on the other hand, saw the biggest increases in the core basket.
