Nigeria’s food inflation rises from 25.25 to 40.87% in one year — NBS

The National Bureau of Statistics (NBS), says Nigeria’s food inflation in June 2024 increased to 40.87 per cent.

The NBS said this in its Consumer Price Index (CPI) and Inflation Report for June, which was released in Abuja on Monday.

The report said the food inflation rate in June 2024 increased to 40.87 per cent on a year-on-year basis, which was 15.62 per cent higher compared to the rate recorded in June 2023 at 25.25 per cent.

“The rise in food inflation on a year-on-year basis is caused by increases in prices of Millet Whole grain, Garri, Guinea corn, Yam, Water Yam, Coco Yam Groundnut Oil, Palm Oil, etc.

“Others are Catfish Dried, Dried Fish-Sadine, Mudfish, etc.”

It said on a month-on-month basis, the food inflation rate in June was 2.55 per cent, which was a 0.26 per cent increase compared to the rate recorded in May 2024 at 2.28 per cent.

“The rise in food inflation on a month-on-month basis was caused by an increase in the average prices of
Groundnut Oil, Palm Oil, Water Yam, Coco Yam, Cassava, etc.

“Others are Tobacco, Catfish Fresh, Croaker, Mudfish Fresh, Snail, etc,”

The report showed that “all items less farm produce and energy’’ or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 27.40 per cent in June on a year-on-year basis.

“This increased by 7.34 per cent compared to 20.60 per cent recorded in June 2023.’’

“The exclusion of the PMS is due to the deregulation of the commodity by removal of subsidy.”