Emmanuel OchayiIn a turn amidst Nigeria’s soaring inflation, the National Bureau of Statistics (NBS) unveiled a decline of 0.54 percent in food inflation for October, marking a glimmer of hope amid economic concerns.
In its report, the NBS highlighted a reduction in food inflation to 1.91 percent, down from September’s 2.45 percent. Reflecting on this, an NBS official stated, “The month-on-month food inflation rate in October 2023 was 0.54 percent lower compared to September 2023.”
This decline was attributed to a slowdown in the rate of increase in prices of various essentials such as fruits, oil and fat, coffee, tea, cocoa, bread, and cereals.
However, despite this month-over-month decrease, the annual figures portray a worrisome trend. The average annual food inflation rate for the twelve months ending October 2023 rose to 26.33 percent, marking a 6.50 percent increase from the previous year.
On a year-on-year basis, October 2023 registered a food inflation rate of 31.52 percent, significantly higher compared to the same period in 2022 at 23.72 percent.
The nation grapples with the challenge of balancing affordability amid the persistently high costs of living, and stakeholders remain cautious, hoping for sustained improvements in the inflationary landscape.
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