Food inflation rate grew to 39.16% in October 2024, up from 31.52% recorded in the same period last year, according to the National Bureau of Statistics.
The NBS reported that the rise in Food inflation on a year-on-year basis was caused by an increase in the prices of Guinea Corn, Rice, Maize Grains, Bread and Cereals and the class. Oil and Fat class as well as beverages also contributed to the surge.
The report showed that the food inflation rate recorded was 7.64% points higher compared to the rate recorded in October 2023 (31.52%). This is reported to be higher than general inflation which rose to 33.88%.
“On a month-on-month basis, the Food inflation rate in October 2024 was 2.94% which shows a 0.30% increase compared to the rate recorded in September 2024 (2.64%).
“The rise can be attributed to the rate of increase in the average prices of Palm Oil, Vegetable oil, etc (Oil & Fats Class), Mudfish, Croaker (Apo), Fresh fish (Obokun), etc (Fish Class), Dried Beef, Goat Meat, Mutton, Skin meat, etc (Meat Class), and Bread, Guinea Corn flour, Plantain flour, Rice, etc (Bread and Cereals Class).
“The average annual rate of Food inflation for the twelve months ending October 2024 over the previous twelve-month average was 38.12%, which was an 11.79% points increase from the average annual rate of change recorded in October 2023 (26.33%).”
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