Food Prices Continue To Rise Despite Drop In Inflation

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The drop and decline in Nigeria’s inflation trend notwithstanding, food prices have continued to point northward. This is even as there is a decline to 15.98 percent from 16.01.

The National Bureau of Statistics (NBS) in the Consumer Price Index report released on Tuesday measures the inflation with the rate dropping year-on-year from 16.01 per cent in August to 15.98 per cent in September.

This is the eighth consecutive decline in inflation since January 2017.

However food prices have continued to rise. Data from the National Bureau of Statistics released showed that food inflation rose to 20.32 percent, from 20.25 percent in August.

”This was driven by notable increases in bread and cereal, meat, vegetables and other food items. Core inflation increased at a slower pace in September, rising by 12.10 percent, versus 12.30 percent in August.

”The Food Index increased by 20.32 percent (year-on-year) in September, up marginally by 0.07 percent points from the rate recorded in August (20.25 percent).”

The rise in food prices includes increases in prices of potatoes, yams and other tubers, milk cheese and eggs, bread and cereals, coffee tea and cocoa, soft drinks, fish, meat and oil and fats.

”The highest increases were recorded in clothing materials and articles of clothing, solid fuels, garments, passenger transport by air, motorcycles, shoes and other footwear, furniture and furnishing and non-durable household goods.”

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