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- The prices of food items have increased again across the country, highlighting how stretched Nigerian families are in their daily lives
- New data shows that Nigeria's food inflation rate is now at an all-time high, with staple foods being the key drivers
- Residents of Sokoto, Edo, and Borno states are experiencing the fastest increases in food prices, according to the latest report
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The National Bureau of Statistics (NBS) has revealed that the food inflation rate increased again in the month of October 2024.
According to NBS, the October food inflation rate rose to 39.16% on a year-on-year basis, 7.64% points higher compared to the rate recorded in October 2023 (31.52%).
Source: Getty Images
On a month-on-month basis, the food inflation rate in October 2024 was 2.94%, which shows a 0.30% increase compared to the rate recorded in September 2024 (2.64%). Punch reports.
NBS disclosed this in its consumer price report for October 2024, which was published on its website and obtained by Legit.ng.
Inflation is the rate of increase in prices over a given period of time
Breakdown of food price changes
The report also provided insight into the causes for the sharp rise in food inflation.
It stated:
"The rise in Food inflation on a year -on-year basis was caused by increases in prices of the following items: Guinea Corn, Rice, Maize Grains, Rice, etc (Bread and Cereals Class), Yam, Water Yam, Coco Yam, etc (Potatoes, Yam & Other Tubers Class), Palm Oil, Vegetable Oil, etc (Oil and Fats Class) and Milo Lipton, Bourvita, etc (Coffee, Tea & Cocoa Class)."While for month-on-month changes, NBS noted:
"The rise can be attributed to the rate of increase in the average prices of Palm Oil, Vegetable oil, etc (Oil & Fats Class), Mudfish, Croaker (Apo), Fresh fish (Obokun), etc (Fish Class), Dried Beef, Goat Meat, Mutton, Skin meat, etc (Meat Class), and Bread, Guinea Corn flour, Plantain flour, Rice, etc (Bread and Cereals Class)."| States | Food inflation rate(annual) |
| Sokoto | 52.2% |
| Edo | 46.5% |
| Borno | 45.8% |
| Gombe | 45.3% |
| Jigawa | 43.4% |
| Kebbi | 43.3% |
| Abia | 43.3% |
| Kano | 42.5% |
| Cross River | 42.4% |
| Yobe | 42.1% |
Rice prices for different brands
Legit.ng earlier revealed that the market prices of 50kg bags of top rice brands are fast becoming unaffordable for most citizens.
For example, some retailers in Nigeria have reported that the price of Mama Gold Rice has risen to about N78,500 in Lagos.
A 50kg bag of Stallion brand sells for N77,000 to N80,000, depending on the location and grain type.
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Source: Legit.ng
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