Nigeria’s food inflation drops by 0.54% – NBS
National Bureau of Statistics (NBS) has disclosed that food inflation in the country declined by 0.54 per cent in the month of October, 2023.
According to the NBS, in a recently published report, the drop by 0.54 per cent, is the difference of 1.91 per cent figure recorded in October compared to the 2.45 percent in September.
“On a month-on-month basis, food inflation rate in October 2023 was 1.91 percent, 0.54 percent lower, compared to the rate recorded in September 2023 (2.45 percent),” the report read.
The decline in food inflation in the month of October was caused by the decrease in the average prices of fruits, oil and fat, coffee, tea and cocoa, bread, and cereals.
“The average annual rate of food inflation for the twelve months ending October 2023 over the previous twelve-month average was 26.33 percent, a 6.50 percent increase from the average annual rate of change recorded in October 2022 (19.83 percent).
“The food inflation rate in October 2023 was 31.52 percent on a year-on-year basis, 7.80 percent higher compared to the rate recorded in October 2022 (23.72 percent),” the NBS added.
