Thursday, February 22, 2024

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.

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

BURE, OBI

Politics

istressing watching police officers humiliate Labour Party chairman Abure: Obi

“This act is undesirable and unequivocally intolerable and must be condemned by any decent and civilised mind,” said Mr Obi.

Prison bar

Lagos

Security guards arraigned for attempted robbery

The defendants are facing a three-count charge bordering on conspiracy, attempt to rob and possessing a locally fabricated gun.

Islamiyat Oyefusi

Politics

Lagos deputy guber candidate Oyefusi dumps Labour Party

Islamiyat Oyefusi, the Labour Party deputy governorship candidate in Lagos in 2023, has resigned her membership.

Fuel pump

Economy

Petrol price increased from N257 in 2023 to N668 in 2024: NBS

NBS says the average retail price of a litre of petrol increased from N257.12 in January 2023 to N668.30 in January 2024.

Nigerian farmers

Agriculture

IFAD commences input distribution to Taraba rice farmers

IFAD began the distribution of inputs to 129 rice farmers across seven LGAs of Taraba.