Food inflation rises to 32.84% in Nigeria – NBS

Nigeria’s food inflation increased to 32.84 per cent in November, from 31.51 per cent recorded in the previous month.

The National Bureau of Statistics, NBS, disclosed this on Friday in November’s Consumer Price Index report.

On a year-on-year basis, the figure is 8.72 per cent points higher than the rate recorded in November 2022 (24.13 per cent).

“The Food inflation rate in November 2023 was 2.42 per cent; this was 0.51 per cent higher than the rate recorded in October 2023 (1.91 per cent),” the report stated.

According to the NBS, the rise in food inflation on a year-on-year basis was caused by increases in the prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables and coffee, tea and cocoa.

The average annual rate of food inflation for the twelve months ending November 2023 over the previous twelve-month average was 27.09 per cent, a 6.68 per cent point increase from the average annual rate of change recorded in November 2022 (20.41 per cent).

The development comes as Nigerians continue to groan over the rising fost of goods and services nationwide.

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