Nigeria’s food sub-index for September 2023 has increased to 30.64%, marking a substantial rise of 7.30 percentage points compared to September 2022, when it stood at 23.34%, the National Bureau of Statistics (NBS) has said.
In a statement released on Monday, the NBS attributed the rise in food inflation to price increases in various categories, including oil and fat, bread and cereals, potatoes, yam, and other tubers, fish, fruit, meat, vegetables, and milk, cheese, and eggs.
However, the report also revealed that food inflation decreased on a month-on-month basis by 2.45%.
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“This was 1.41 percent lower compared to the rate recorded in August 2023 (3.87 percent). The decline in food inflation was caused by a decrease in the average prices of potatoes, yam and other tubers, bread and cereals, fruits, and fish.”
Meanwhile, the statement stated that headline inflation rate, on a year-on-year basis, increased to 26.72 percent relative to the August 2023 headline inflation rate which was 25.80 percent.
it attributed the increase to rise in food and non-alcoholic beverages at 13.84 percent, housing, water, electricity, gas and other fuel (4.47 percent), clothing and footwear (2.04 percent), transport (1.74 percent), furnishings and household equipment and maintenance (1.34 percent), education (1.05 percent) and health (0.80 percent). others are miscellaneous goods and services (0.44 percent), restaurants and hotels (0.32 percent), alcoholic beverages, tobacco and kola (0.29 percent), recreation and culture (0.18 percent) and communication (0.18 percent).”