Nigeria’s inflation figures have now hit 14.23 percent according to the latest figures released on Monday by the National Bureau of Statistics (NBS).
This is the highest it has reached in the last four years, Bibian Anekwe News understands.
According to the NBS, consumer price index, which measures inflation, hit 14.23 percent in October.
The report puts year on year headline Inflation at 14.23% in Oct 2020 from 13.71% in Sept 2020. Food inflation at 17.38% in Oct 2020 from 16.66% in Sept 2020. Core Inflation at 11.14% in Oct 2020 from 10.58% in Sept 2020.
The October CPI/Inflation report released on Monday showed that food inflation hit 17.38 percent from 16.66 percent in September.
According to the bureau, the rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, vegetable, alcoholic and food beverages and oils and fats.