INFLATION: Nigerian Food Inflation Persists, NBS Reports Significant Price Surges In May 2024

INFLATION Nigerian Food Inflation Persists, NBS Reports Significant Price Surges In May 2024
INFLATION Nigerian Food Inflation Persists, NBS Reports Significant Price Surges In May 2024

Nigeria continues to grapple with food inflation as the National Bureau of Statistics (NBS) reports notable increases in the prices of staple food items such as rice, garri, tomatoes, beans, and yams in April and then in May 2024.

In its recent Selected Food Prices Watch report for April 2024, released from Abuja on Friday, the NBS detailed the inflationary trends over the past year.

A significant year-on-year climb was observed in the cost of local rice, with a 155.93 percent increase from N546.76 in April 2023 to N1,399.34 in April 2024, and a 3.47 percent month-on-month hike from March 2024.

The trend extended to white garri, witnessing a 134.98 percent inflation from N362.50 in April 2023 to N851.81 in April 2024, and a 13.59 percent rise since March 2024.

Tomato prices soared by 131.58 percent annually, crossing the threshold from N485.10 in April 2023 to N1,123.41 in April 2024, with a 17.06 percent increase recorded within a month.

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Brown beans saw a 125.43 percent annual upsurge from N615.65 in April 2023 to N1,387.90 in April 2024, accumulating a 12.44 percent rise from the preceding month.

The NBS also noted a 154.19 percent yearly leap in the cost of 1kg of yam tuber, from N444.69 in April 2023 to N1,130.37 in April 2024, inclusive of a 5.76 percent month-on-month rise.

An analysis on a state-by-state basis revealed notable variances with Niger having the most expensive local rice at N1,785.47, while Benue claimed the least expensive at N993.72. For white garri, Bayelsa topped the list with N1,095.26, whereas Benue saw the lowest prices at N494.47.

Delta reported the steepest prices for tomatoes at N1,851.19, with Zamfara registering the lowest at N547.22. For brown beans, prices peaked in Abuja at N2,288.36, and the most affordable was found in Yobe at N818.03.

In yam prices, Cross River was the highest at N1,797.15, with Bauchi presenting the lowest average price at N638.64.

Looking at zonal data, the South-West and South-South zones experienced the highest rates for local rice and white garri, while the North-West fared the lowest for these commodities.

In conclusion, For tomatoes, the South-South topped the charts, followed closely by the South-West, with the North-West again on the lower end. Brown beans prices were the highest in the North-Central and South-South, with the North-West maintaining the lowest rates in the nation.

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