Price of Garri, Yam, other staples spike as Nigeria’s food inflation hit 40.87% in June

Price hikes in Garri, Yam and other food items has pushed Nigeria’s food inflation to 40.87 percent in June 2024 from 40.66 in May.

The National Bureau of Statistics disclosed this in its latest Consumer Price Index and Inflation report.

The figure showed that Nigeria’s food inflation rose by 15.62 percent points higher compared to the rate recorded in June 2023 (25.25 percent).

Rise in the prices of whole grains like millet, garri, guinea corn, yam, water-yam, groundnut oil, palm oil and fish resulted in the hike on a year-on-year basis.

On a month-on-month basis, Nigeria’s food inflation increased by 2.55 percent to 40.87 percent in June compared to May’s figure.

NBS noted that the rise in food inflation on a Month-on-Month basis was caused by the rise in the rate of increase in the average prices of groundnut oil, palm oil, water yam, potatoes, tobacco and fish.

The average annual rate of food inflation for the twelve months ending June 2024 over the previous twelve-month average was 35.35%, which was an 11.31 percent increase from the average annual rate of change recorded in June 2023 (24.03 percent).

The food inflation increase implies that Nigerians paid more to get food in the period under review.

DAILY POST earlier reported that Nigeria’s headline inflation rose to 34.19 percent in June.

The country’s staple foods have been on the increase since December 2023 when it stood at 33.93 percent.