October Sees 0.54% Dip in Food Inflation, Reports NBS

In the face of soaring prices for food and various commodities in Nigeria, the National Bureau of Statistics has reported a slight alleviation in food inflation, showing a decline of 0.54 percent in October. The latest inflation report indicates that headline inflation surged to 27.33 percent during the same period, as highlighted by InfoStride News on Wednesday.

The specific data reveals that food inflation reduced by 0.54 percent, settling at 1.91 percent in October, in contrast to the 2.45 percent recorded in September. The report states, “On a month-on-month basis, food inflation rate in October 2023 was 1.91 percent, 0.54 percent lower, compared to the rate recorded in September 2023 (2.45 percent).”

The dip in food inflation on a month-over-month basis can be attributed to a slowdown in the rate of increase in the average prices of fruits, oil and fat, coffee, tea and cocoa, bread, and cereals.

Examining the broader picture, the average annual rate of food inflation for the twelve months ending October 2023 over the previous twelve-month average stood at 26.33 percent. This reflects a 6.50 percent increase from the average annual rate of change recorded in October 2022, which was 19.83 percent.

Breaking down the figures, the food inflation rate in October 2023 reached 31.52 percent on a year-on-year basis. This represents a 7.80 percent increase compared to the rate recorded in October 2022, which stood at 23.72 percent.

In the midst of economic challenges, the moderation in food inflation offers a glimmer of relief for consumers and policymakers alike. Despite the persistently high overall inflation rate, the targeted reduction in food inflation may be seen as a positive development, as food prices often have a more immediate and direct impact on households.

It is worth noting that this information comes from the latest report by InfoStride News, offering insights into the economic landscape of Nigeria. As we navigate these economic dynamics, keeping a close eye on inflation trends and their underlying factors becomes crucial for understanding the broader implications for the nation’s economy and its citizens.

In conclusion, while challenges persist in the economic sphere, the nuanced decline in food inflation in October signals a potential shift in the inflationary trajectory. As we continue to monitor economic indicators, the data provided by InfoStride News becomes instrumental in deciphering the intricacies of Nigeria’s economic landscape.