The report from the National Bureau of Statistics shows that headline inflation was higher at 14.23% YoY in October (vs 13.71% YoY in September), and also 14bps higher than our forecast of 14.09%. The food index rose by 17.38% YoY (vs 16.66% YoY in September) as price increases were witnessed on key food items like bread and cereals, potatoes, yam, and meat, amongst others.
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