James Emejo in Abuja
The Consumer Price Index (CPI), which measures the rate of change in the prices of goods and services, increased by 0.61 per cent to 27.33 per cent in October compared to 26.72 per cent in the preceding month, the National Bureau of Statistics (NBS) stated Wednesday.
Also, year-on-year, the headline inflation was 6.24 per cent higher compared to 21.09 per cent recorded in October 2022.
According to the CPI report for October, which was released by the statistical agency, year-on-year, food inflation rose by 7.80 per cent to 31.52 per cent from 23.72 per cent in the corresponding period in 2022.
The NBS attributed the rise in annual food inflation to increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables and milk, cheese and eggs.
On the other hand, core inflation, year-on-year increased by 5.12 per cent to 22.58 per cent in the review period compared to 17.46 per cent recorded in October 2022.
The rise in the core index was blamed on highest increases in prices of passenger transport by road, medical services, passenger transport by air, actual and imputed rentals for housing and pharmaceutical products, among others.
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