News in Brief:
– Nigeria’s food inflation remains high at 40.53% year-on-year, despite a slight monthly decline.
– Staples like bread and yams are among the most affected items, with regional variations observed across the country.
Nigeria’s National Bureau of Statistics (NBS) has released its latest inflation report, revealing ongoing challenges with food prices.
The report indicates a significant rise in food inflation on a year-on-year basis. In April 2024, food inflation reached 40.53%, an increase of 15.92 percentage points compared to April 2023 (24.61%).
This rise is attributed to price hikes for various food items, including staples like millet flour, garri, bread, and wheat flour. Other affected categories include yams, vegetable oils, dried fish, meat products, fruits, and beverages.
Despite the concerning year-on-year trend, there was a modest decrease in food inflation on a month-to-month basis. April 2024 saw a food inflation rate of 2.50%, which is 1.11% lower than March 2024 (3.62%).
This improvement is attributed to price stabilisation or even slight reductions for items such as yams, Irish potatoes, beer, certain beverages, and some cooking oils.
However, the average annual food inflation rate for the twelve months ending April 2024 stands at 32.74%, a concerning increase of 9.52 percentage points compared to the same period in 2023 (23.22%). The report also highlights regional variations in food inflation.
While Kogi, Kwara, and Ondo states experienced the highest year-on-year food inflation rates in April 2024, Adamawa, Bauchi, and Nasarawa states saw the slowest increases.
Similarly, Lagos, Edo, and Yobe experienced the highest month-on-month food inflation rates, while Kano, Adamawa, and Zamfara had the slowest increases.
