Food inflation dropped by 0.54% in October – NBS

Despite the high prices of food and various commodities in Africa’s most populous nation, the National Bureau of Statistics said food inflation declined by 0.54 percent in October.

On Wednesday, The PUNCH reported that the NBS, in its latest inflation report, revealed that headline inflation rose to 27.33 percent in October.

According to findings, food inflation exhibited a decrease of 0.54 percent, registering at 1.91 percent in October compared to the 2.45 percent recorded 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 on a month-over-month basis was caused by the decrease in the rate of increase 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).