The widespread economic hardship being witnessed in Nigeria has worsened as the nation’s food inflation climbed up to 40.66 percent in May 2024 from 24.82 percent as recorded in the same period last year.
The National Bureau of Statistics disclosed this in its latest Consumer Price Index and inflation report.
The food inflation rate in May 2024 was 40.66 percent on a year-on-year basis, which was 15.84 percent points higher compared to the rate recorded in May 2023 24.82 percent.
On a month-on-month basis, Nigeria’s food inflation increased to 40.66 percent in May from 40.53 percent in April.
The rise in Food inflation on a year-on-year basis was caused by increases in prices of Semovita, Oatflake, Yam, flour prepackage, Garri, Bean, Irish Potatoes, Palm Oil, Vegetable Oil, etc (under Oil and fat), Stockfish, Mudfish, Crayfish, Beef Head, Chicken-live, Pork Head, Bush Meat.
The food inflation rate in May 2024 was 2.28 percent, which also shows a decrease of 0.22 percent compared to the rate recorded in April 2024 (2.50 percent).
The average annual rate of food inflation for the twelve months ending May 2024 over the previous twelve-month average was 34.06 percent, which was a 10.41 percent points increase from the average annual rate of change recorded in May 2023 (23.6percentnt)
The development comes as Nigeria’s inflation increased for the 17th time to 33.95 percent in May from 33.69 percent.
