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Nigeria’s inflation rate for the month of October hit 14.23 per cent.
This is according to the data released by the National Bureau of Statistics (NBS) on Monday.
With a 0.52 percentage points increase, it is the highest recorded since July 2016 when the inflation figures increased by 0.65 percentage points.
NBS report also showed that food inflation hit 17.38 percent from 16.66 percent in September.
According to the statistics agency, the rise in the food index was due to increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, vegetable, alcoholic and food beverages and oils and fats.
More details soon.
