Despite the ongoing increase in the prices of food and other items, the Nigeria Bureau of Statistics (NBS) reported a decline in food inflation in October compared to September. The latest inflation report, released on Wednesday, revealed a headline inflation rate of 27.33% in October.

The detailed report highlighted a 0.54% decrease in food inflation, standing at 1.91% compared to the 2.45% recorded in September. The month-on-month basis showed a decline caused by decreases in the rate of increase in the average prices of fruits, oil and fat, coffee, tea and cocoa, bread, and cereals.

The average annual rate of food inflation for the twelve months ending October 2023 over the previous twelve-month average was 26.33%, indicating a 6.50% points increase from the average annual rate of change recorded in October 2022 (19.83%). On a year-on-year basis, the food inflation rate in October 2023 was 31.52%, showing a 7.80% points higher compared to the rate recorded in October 2022 (23.72%). This rise was attributed to increases in the prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables, and milk, cheese, and eggs.

The report comes at a time when Nigerians are grappling with the impact of fuel subsidy removal, adversely affecting the prices of food items and other essential commodities across the country.