Nigeria’s headline inflation has jumped for the tenth consecutive month and hit an eighteen-year high, increasing the likelihood that the central bank will raise borrowing costs. Official data from Nigeria’s Bureau of Statistics (NBS) showed that October’s headline inflation number was 27.33%.
The prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables and milk, cheese and eggs soared. NBS data showed food inflation hit 31.5% in October.
“Normally, I get orders and inquiries daily, but now, no one is even willing to make inquiries or even order food,” Mariam Amoda, a food vendor told TechCabal.
The Central Bank is expected to raise rates in its next Monetary Policy Meeting. The CBN failed to convene a scheduled (MPC) meeting in September to decide the nation’s interest rates for the first time in eight years.
KPMG, a financial and business advisory firm, has predicted that Nigeria’s headline inflation will hit 30% by December 2023.