The National Bureau of Statistics (NBS) revealed that Nigeria’s food inflation hit 23.72 per cent in October 2022, in contrast to the 23.34 per cent recorded in September 2022.
This is a 5.39 per cent year-on-year growth, as food inflation was 18.34 per cent in October 2021. According to the NBS, the growth had been driven by bread and cereals, Food products, potatoes, yams and other tubers, oil and fat.
However, on a month-on-month basis, the food inflation grew by 1.23 per cent in October 2022. This is below the 1.43 per cent month-on-month growth rate in September this year, NBS CPI and Inflation report showed on Tuesday.
