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Data released by the National Bureau of Statistics showed food inflation nearly touched 40% year-on-year in October from 37.77%. The jump was attributed to a steep rise in the prices of staples such as maize, rice, and cooking oil.
Nigeria’s inflation rate surged to 33.9% in October driven by high food prices on a month-on-month basis. In September, the rate stood at 32.70%.
Data released by the National Bureau of Statistics showed food inflation nearly touched 40% year-on-year in October from 37.77%. The jump was attributed to a steep rise in the prices of staples such as maize, rice, and cooking oil.
Price increases could trigger more intervention by the central bank, which has already hiked interest rates five times this year to get inflation under control.
After easing in July, volatile petrol prices and widespread flooding in the summer which washed away crop fields escalated food prices, eating away savings and driving a cost of living crisis in Nigeria.
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Inflation spiraled in Nigeria after President Bola Tinubu ended a fuel subsidy and twice devalued the Naira. In August, protestors rallied in various parts of the country denouncing the high cost of living. They demanded the restoration of subsidies on petrol and electricity.
