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Food inflation hits record high…

Food inflation hits record high 20.75% in October

The National Bureau of Statistics on Monday disclosed that the annual food inflation rate has risen for the 24th consecutive month, rising from 20.71 per cent in September to 20.75 per cent in October.

The NBS made the disclosure in its Consumer Price Index (CPI) and Inflation Report for October 2021, saying the inflation was because of the further increases in the prices of basic food items.

According to NBS, the rise in the food index was caused by increases in prices of food products like coffee, tea, cocoa, milk, cheese, eggs, bread, cereals, vegetables, potatoes, yam and other tubers.

The food inflation rate has risen by 7.38 percentage points since May 2019 when it dropped to 13.37 per cent.

Meanwhile, the NBS report showed that the annual headline inflation rate continued on its downward trend to 15.99 per cent in October from 16.63 per cent in September, indicating a steady slow down in price increases across the country.

Consequently, the inflation rate has fallen by 2.18 percentage points since March when it peaked at 18.17 per cent, the highest in four years.

The NBS report read in part: “The consumer price index (CPI) which measures inflation increased by 15.99 percent YoY   in October 2021. This is 1.76 per cent points higher than the rate recorded in October 2020 (14.23) percent. Increases were recorded in all classifications of individual consumption according to purpose (COICOP) divisions that yielded the Headline index.

“On a MoM basis, the Headline index increased by 0.98 per cent in October 2021, this is 0.17 per cent points lower than the rate recorded in September 2021 (1.15) percent.

On food inflation, the bureau said: “The composite food index rose by 18.34 percent in October 2021 compared to 17.38 percent in October 2020.

“This rise in the food index was caused by increases in prices of food products, coffee, tea and cocoa, milk, cheese and eggs, bread and cereals, vegetables and potatoes, yam and other tubers.

“On MoM basis, the food sub-index increased by 0.91 percent in October 2021, down by 0.35 per cent points from 1.26 percent recorded in September 2021.”

The post first appeared on AgroNigeria.

The post appeared first on AgroNigeria.

Sourced from Agro Nigeria

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