According to the National Bureau of Statistics (NBS) Consumer Price Index (CPI) and InflationÂReport for October, headline inflation increased to 33.88%, from 32.70% in September, and 27.33% a year ago. The headline inflation surged due to rising food prices for commodities such as guinea corn, rice, and maize grains.Food inflation increased to 39.16% from 37.77% in September and 31.52% in October 2023. ÂAt the state level, Bauchi recorded the highest inflation rate at 46.68%, while Katsina had the lowest at 29.59%. Sokoto had the highest food inflation at 52.18%, while Rivers had the lowest at 33.87%.
The continuous rise in inflation could further worsen already weakened purchasing power. Unchecked high inflation might result in social unrest, as more Nigerians are unable to afford essential items they could buy a year ago. Hence, the government must tackle inflation head-on.
Food inflation can be reduced by addressing security concerns, increasing agricultural productivity and reducing post-harvest losses arising from poor storage infrastructure and weak transport networks.
Related Posts