The National Bureau of Statistics (NBS) has revealed that the food inflation rate increased again in October 2024.
According to NBS, the October food inflation rate rose to 39.16% on a year-on-year basis, 7.64% points higher than the rate recorded in October 2023 (31.52%).
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%). Punch reports.
NBS disclosed this in its consumer price report for October 2024, which was published on its website and obtained by TimesNow.com.ng.
Inflation is the rate of increase in prices over a given period
The report also provided insight into the causes of the sharp rise in food inflation.
It stated:
While for month-on-month changes, NBS noted:
In a message to TimesNow.com.ng when reacting to inflation numbers, Muda Yusuf expressed concerns and pointed out the reasons for high inflation.
His words:
TimesNow.com.ng earlier revealed that the market prices of 50kg bags of top rice brands are fast becoming unaffordable for most citizens.
For example, some retailers in Nigeria have reported that the price of Mama Gold Rice has risen to about N78,500 in Lagos.
A 50kg bag of Stallion brand sells for N77,000 to N80,000, depending on the location and grain type.
Source: TimesNow.com.ng
