Nigeria’s meals inflation price has risen to 23.72% on a yr-on-yr basis, marking a 5.39% growth in comparison to the price recorded in October 2021 (18.34%). This is in keeping with the Consumer Price Index (CPI) record for October launched with the aid of using the National Bureau of Statistics. The growth changed into pushed with the aid of using a large hike withinside the expenses of critical meals items. Part of the record said:
The increase was driven by a significant hike in the prices of essential food items. Part of the report said:
- “The rise in food inflation was caused by increases in prices of Bread and cereals, Food products n.e.c, Potatoes, yams and other tubers, oil and fat. The average annual rate of food inflation for the twelve months ending October 2022 was 19.83%, which was a 0.92% points decline from the average annual rate of change recorded in October 2021 (20.75%).”
The context: The increase in inflation rate is coming on the backdrop of nationwide floods which ravaged 400,000 hectares of farmlands. Analysts predicted that the damage could push food prices up.