The National Bureau of Statistics (NBS) has revealed that the food inflation rate increased again in the month of October 2024.

According to NBS, the October food inflation rate rose to 39.16% on a year-on-year basis, 7.64% points higher compared to 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 Legit.ng.

Inflation is the rate of increase in prices over a given period of time

Breakdown of food price changes

The report also provided insight into the causes of the sharp rise in food inflation.

It stated: "The rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items: Guinea Corn, Rice, Maize Grains, Rice, etc (Bread and Cereals Class), Yam, Water Yam, Coco Yam, etc (Potatoes, Yam & Other Tubers Class), Palm Oil, Vegetable Oil, etc (Oil and Fats Class) and Milo Lipton, Bourvita, etc (Coffee, Tea & Cocoa Class)."

While for month-on-month changes, NBS noted: "The rise can be attributed to the rate of increase in the average prices of Palm Oil, Vegetable oil, etc (Oil & Fats Class), Mudfish, Croaker (Apo), Fresh fish (Obokun), etc (Fish Class), Dried Beef, Goat Meat, Mutton, Skin meat, etc (Meat Class), and Bread, Guinea Corn flour, Plantain flour, Rice, etc (Bread and Cereals Class)."