...Voice of the People

Food Prices on the rise as Nigeria’s Inflation Hits 14.23 Percent

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Nigeria’s inflation has continued its upward trend in October, rising to 14.23 percent, 0.52 percentage points higher than the 13.71 percent recorded in September.

According to the latest data released by the National Bureau of Statistics today, the core food index rose by 17.38 percent majorly driven by increases in food items.

Core inflation also maintained a steady rise to 11.14 percent, from the 10.58 percent reported in August this year.

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Urban inflation rose to 14.81 percent year-on-year from the 14.31 percent recorded last month, while rural inflation hit 13.68 percent.

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In the report, the composite food index rose by 17.38 per cent in October 2020 compared to 16.66 per cent in September 2020.

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This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam, and other tubers, meat, fish, fruits, vegetables, alcoholic and food beverages, and oils and Fats.

“The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.14 percent in October 2020, up by 0.56 percent when compared with 10.58 percent recorded in September 2020,” it said.

Meanwhile, inflation was highest in Zamfara, Sokoto, and Ebonyi, with Lagos, Abuja, and Cross River recording the lowest in October.

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