The National Bureau of Statistics (NBS) has reported a surge in the headline inflation rate for October 2023, which now stands at 27.33 percent. This represents a year-on-year increase of 6.24 points from the rate recorded in October 2022, which was 21.09 percent.
The NBS attributed the rise in food inflation to price hikes in various food items such as bread & cereals, oil & fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables, and milk, cheese, and eggs.
The report goes below
“The increase in the headline index for October 2023 was attributed to the increase in some items in the basket of goods and services at the divisional level.
“These increases were observed in Food and non-alcoholic Beverages (14.16%), Housing, Water, Electricity, Gas & other Fuel (4.57%), Clothing & Footwear (2.09%), Transport (1.78%), Furnishings & Household Equipment and maintenance (1.37%), Education (1.08%) and Health (0.82%). Others are Miscellaneous Goods & Services (0.45%), Restaurants & Hotels (0.33%), Alcoholic Beverages, Tobacco & Kola (0.30%), Recreation & Culture (0.19%) and Communication (0.19).
“However, on a month-on-month basis, the Food inflation rate in October 2023 was 1.91%. This was 0.54% lower compared to the rate recorded in September 2023 (2.45%). The decline in food inflation was caused by a decrease in the average prices of Fruits, oil and fat, coffee, tea and cocoa, bread and cereals.”
