Nigeria’s food inflation rate surged to 40.66% on a year-on-year basis in May 2024, a significant increase from 24.82% recorded in May 2023.
The latest figures from the National Bureau of Statistics (NBS) highlight the rising cost of essential food items, exacerbating the economic challenges faced by many Nigerians.
The NBS report attributes the steep rise in food inflation to substantial price increases in several staple items.
Notably, the prices of Semovita, Oatflake, Yam flour, Garri, and Beans saw considerable hikes.
In addition, the cost of Irish Potatoes, Yams, Water Yam, Palm Oil, and Vegetable Oil also climbed significantly. Within the protein category, Stockfish, Mudfish, Crayfish, Beef, Chicken, Pork, and Bush Meat experienced notable price jumps.
The month-on-month food inflation rate in May 2024 was 2.28%, reflecting a slight decrease of 0.22 percentage points from the 2.50% recorded in April 2024.
This month-to-month decline was due to a slower rate of price increases for Palm Oil, Groundnut Oil, Yam, Irish Potatoes, Cassava Tuber, Wine, Bournvita, Milo, and Nescafe.
Despite the minor monthly decrease, the average annual food inflation rate for the twelve months ending May 2024 was 34.06%.
This marks a significant rise of 10.41 percentage points from the average annual rate of 23.65% recorded in May 2023.
The sharp rise in food inflation is raising concerns among economic analysts and policymakers, as it significantly impacts the cost of living for Nigerians.
The rising food prices are straining household budgets and contributing to an overall inflation rate that threatens economic stability.
In response to the inflationary pressures, the Nigerian government and relevant stakeholders are being urged to implement effective measures to stabilize food prices and address the underlying causes of inflation.
Efforts to boost agricultural productivity, improve supply chains, and tackle market inefficiencies are seen as critical to mitigating the inflationary trend.
The NBS report underscores the urgent need for comprehensive strategies to manage inflation and ensure food security for the population.
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