Food inflation jumps to 17.38% in October, as CPI hits 14.3%

Despite the hundreds of billions which Central Bank of Nigeria has devoted to agricultural production in recent years, more Nigerians fall steadily into hunger by the day as prices of food and other items continue to skyrocket beyond the reach of the average citizen.

National Bureau of Statistics (NBS) reported in its consumer price index (CPI) Monday that food index, a component of the CPI, was 17.38 per cent in October 2020, compared to 16.66 per cent recorded in September.

The major drivers of food inflation were increases recorded in the prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, vegetable, alcoholic and food beverages and oils and fats.   

Generally, inflation rate rose by 14.23 per cent (year-on-year) in October 2020, as against 13.71 per cent recorded in September 2020. 

According to the report, the October figures indicate a persistent increase in 14 months and the highest recorded since March 2018.  

The highest increases were recorded in prices of passenger transport by air, hospital and medical services, passenger transport by road, pharmaceutical products, motor cars, vehicle spare parts, maintenance and repair of personal transport equipment, hairdressing salons and personal grooming establishments, miscellaneous services relating to the dwelling, paramedical services and shoes and other footwear.  

The rise in inflationary pressure indicates a persistent decrease in the purchasing power of consumers especially at a time when the economy is on the verge of recession, characterised by increases in price of major food items and service fees.

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Food inflation jumps to 17.38% in October, as CPI hits 14.3%

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