The food inflation rate in Nigeria rose by 5.39% from the figure recorded in October 2021 (18.34%) to 23.72% on a yearly basis.
This aligns with the report from the National Bureau of Statistics regarding the Consumer Price Index (CPI) for October.
The price of essential food commodities has considerably surged, which led to this escalation. The report indicated:
“The increase in food inflation was attributed to rises in the costs of bread and cereals, food products n.e.c, potatoes, yams, and other tubers, as well as oil and fats. The average yearly food inflation rate for the twelve months concluding in October 2022 was 19.83%, reflecting a decline of 0.92 percentage points from the average annual rate of change noted in October 2021 (20.75%).”
Inflation is climbing amid extensive flooding that has devastated 400,000 hectares of agricultural land. Analysts predicted that the damage could further elevate food prices.
It is noteworthy that the federal government has already extended assistance in 21 states. Unfortunately, 612 Nigerians are now reported deceased, and 392,399 hectares of farmland have been obliterated.
Nigeria’s inflation rate surges to 21.09% in October 2022
The NBS reports that headline inflation rose from 20.77% in September 2022 to 21.09% in October 2022.
Nigeria’s inflation rate has increased by 0.32 percentage points from the 20.77% noted in September, reaching a new 17-year peak of 21.09% in October 2022.
This is according to the report from the National Bureau of Statistics on the Consumer Price Index (CPI).
Meanwhile, the core inflation rate has grown to 17.76% from 17.6%, and food inflation has also risen to 23.72% in the review month from 23.34% in the previous month.
The NBS attributes the rise in the food inflation rate to the increases in the prices of bread and cereals, food items, potatoes, yams and other tubers, alongside oil and fat.
Conversely, the costs of gas, liquid fuel, passenger air travel, solid fuel, and automobile parts experienced the largest increases in the core category.
