According to the National Bureau of Statistics, the rise in gasoline prices, the dearth of foreign currency, and the interruption in the food supply chain drove headline inflation to a new record high of 21.09% in October.
This is 0.32 percent more than the reported 20.77 percent for September. This indicates that in the most populated country in Africa, the cost of living is growing quickly.
It also showed that rises in the cost of bread, cereals, potatoes, yams, and other tubers, as well as in the price of oil and fat, contributed to October’s 23.72 percent spike in food inflation.
The worst-hit area is flood-devastated Kogi, where inflation reached 25.15 percent in the month.