Food inflation rises as flood ravages farmlands
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 ext...