Nigeria’s inflation rate surged to 33.9% in October driven by high food prices, official figures showed. In September, the rate stood at 32.70%.
A report by the National Bureau of Statistics showed food inflation nearly touched 40% year-on-year in October from 37.77%. The jump was attributed to a steep rise in the prices of staples such as maize, rice and cooking oil.
Prices increases could trigger more intervention the central bank, which has already hiked interest rates five times this year in a bid to get inflation under control.
After easing in July, volatile…
