The National Bureau of Statistics has reported that food inflation has decreased by 0.54 percent in October.
Reports have that registering at 1.91 percent in October compared to the 2.45 percent recorded in September, food inflation has recorded a significant drop of 0.54 percent in October.
Going by a month-on-month basis, food inflation rate in October stood at 1.91 percent, 0.54 percent lower, in comparison to the rate recorded in September 2023 which was 2.45 percent.
Meanwhile the drop food inflation on a month-on-month basis is said to have been caused by a decline in the rate of increase in the average prices of fruits, oil and fat, cereals, coffee, tea, cocoa, and bread.
The report reads in parts;
“The average annual rate of food inflation for the twelve months ending October 2023 over the previous twelve-month average was 26.33 percent, a 6.50 percent increase from the average annual rate of change recorded in October 2022 (19.83 percent).
The food inflation rate in October 2023 was 31.52 percent on a year-on-year basis, 7.80 percent higher compared to the rate recorded in October 2022 (23.72 percent)”.
Earlier, The News Chronicle reported that NBS, in its latest report on inflation, disclosed that headline inflation rate has risen to 27.33 percent in October.
