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Food prices soar as Nigeria’s inflation worsens in October

Nigeria’s inflation rate rose to 14.23 percent in October 2020, up from 13.71 percent in September, statistics office said on Monday.

• November 16, 2020
Food items
Food items used to illustrate the story

Nigeria’s inflation rate rose to 14.23 per cent in October 2020, up from 13.71 per cent in September, the National Bureau of Statistics (NBS) said in a monthly inflation report Monday.

The NBS’ Consumer Price Index report, which measures increase in prices of goods and services, revealed that food inflation soared to 17.38 percent last month, a 0.72 percent increase from 16.66 percent recorded in September.

Cost of food items such as bread and cereals, fish, fruits, potatoes, yam and other tubers, meat, vegetables among others, rose the highest last month.

Air and road transport fares, pharmaceutical products and medical services also increased.

Peoples Gazette reported Saturday that higher petrol prices — engineered by the removal of subsidy early March has seen the country’s inflation rate soar over the past months.

Experts told the Gazette over the weekend that Nigeria’s inflation rate may rise as high as 16 percent before the end of 2020.

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