Nigeria's inflation rate surges as food prices escalate

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 petrol prices and widespread flooding in the summer which washed away crop fields escalated food prices, eating away savings and driving a cost of living crisis in Nigeria.

Inflation spiralled in the West African country after President Bola Tinubu ended a fuel subsidy and twice devalued the Naira.

In August, protestors rallied in various parts of the country denouncing the high cost of living. They demanded the restoration of subsidies on petrol and electricity.