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- The prices of food items have skyrocketed in the last 30 days, with analysts forecasting even higher prices in the months ahead
- Data from the National Bureau of Statistics (NBS) disclose that food inflation rose by 40.87% in May 2024 compared to the same period in 2023
- The NBS data also showed the top 10 Nigerian states with high food prices in the review period
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Data from the National Bureau of Statistics has disclosed that the combined average prices of tomatoes, garri, and beans increased 205.36% in May 2024 compared to the same month in 2023.
The NBS’ Price Watch for selected food items in May showed that every year, the average price of 1kg of tomatoes increased in May 2024 from N498.34 in the same period in 2023.
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Food inflation soars in Nigeria
The monthly price rose 31.71% from N1,123 in April 2024.
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The development comes as the NBS disclosed that Nigeria’s headline inflation rose by 34.19% in June.
The statistics body disclosed that Nigeria’s food inflation increased by 40.87% in the period under review.
On a month-on-month basis, food inflation climbed to 2.55% in June 2024, reflecting a 0.26 percentage point increase from the 2.28% recorded in May 2024, Punch reports.
NBS disclosed this in its consumer price report for June 2024, published on its website and obtained by Legit.ng. Inflation is the rate of increase in prices over a given period. Breakdown of state food price changes
Prices of staples increase
The report stated that critical staples, including millet whole grain, garri, and guinea corn in the bread and cereals class and yam, water yam, and coco yam in the potatoes, yam, and other tubers class caused the sharp rise in food inflation.
Others are groundnut oil and palm oil prices within the oil and fats class, along with dried catfish, dried fish-sardine, and mudfish in the fish class, which contribute to inflationary pressures.
Analysts predict higher prices
Analysts have urged the Nigerian government to tackle food inflation, or the country may experience the worst inflation in months ahead.
The Nigerian government recently announced a 150-day window for importers to import without paying duties or VAT.
The policy has received mixed reactions, with some saying that it will affect local farmers and others saying that it will lead to a massive crash in food prices.
Bauchi, Kogi, and Oyo top the list of the 10 most expensive states to live
Legit.ng earlier reported that Nigeria’s headline inflation for June 2024 surged to 34.19%, per National Bureau of Statistics (NBS) data.
The NBS data disclosed that the cost of living in Nigeria has continued to climb, with June 2024 Consumer Price Index (CPI) data showing a continuous rise in inflation rates anchored on high food prices.
According to the NBS report, food inflation continues to be arrowhead, driving inflation to an all-time high.
Source: Legit.ng
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