Nigeria’s Food Inflation Soars to 40.66 Percent in May 2024

Nigeria’s food inflation has surged to 40.66 percent in May 2024, marking a significant increase from the 24.82 percent recorded in the same period last year.

The National Bureau of Statistics released this data in its latest Consumer Price Index and inflation report.

On a month-on-month basis, food inflation also rose from 40.53 percent in April to 40.66 percent in May.

The increase was driven by higher prices of essential food items such as Semovita, Oatflake, Yam, flour, Garri, Bean, Irish Potatoes, Palm Oil, Vegetable Oil, Stockfish, Mudfish, Crayfish, Beef Head, Chicken-live, Pork Head, and Bush Meat.

Also Read: Tinubu’s Aide Predicts Dramatic Drop in Inflation Rate

The average annual rate of food inflation for the twelve months ending May 2024 was 34.06 percent, representing a 10.41 percent point increase from the average annual rate recorded in May 2023 (23.65 percent).

This alarming rise in food inflation comes as Nigeria’s overall inflation rate increased for the 17th consecutive time to 33.95 percent in May from 33.69 percent in April.

The surge in food prices is exacerbating the economic hardship faced by Nigerians, with the cost of living becoming increasingly unaffordable for many households.

The government and relevant authorities must take urgent steps to address the root causes of inflation, such as supply chain disruptions, insecurity in food-producing regions, and the depreciation of the Naira.

Failure to curb inflation could lead to further economic instability and hardship for the population.