The widespread economic hardship being witnessed in Nigeria has worsened as the nation’s food inflation climbed up to 40.66 per cent in May 2024 from 24.82 per cent as recorded in the same period last year.
The National Bureau of Statistics disclosed this in its latest Consumer Price Index and inflation report.
On a month-on-month basis, Nigeria’s food inflation increased to 40.66 per cent in May from 40.53 per cent in April.
The rise in Food inflation on a year-on-year basis was caused by increases in prices of Semovita, Oatflake, Yam, flour prepackage, Garri, Beans, Irish Potatoes, Palm Oil, Vegetable Oil, etc (under Oil and fat), Stockfish, Mudfish, Crayfish, Beef Head, Chicken-live, Pork Head, Bush Meat.
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The food inflation rate in May 2024 was 2.28 per cent, which also shows a decrease of 0.22 per cent compared to the rate recorded in April 2024 (2.50 per cent).
The average annual rate of food inflation for the twelve months ending May 2024 over the previous twelve-month average was 34.06 per cent, which was a 10.41 per cent points increase from the average annual rate of change recorded in May 2023 (23.6 per cent)
The development comes as Nigeria’s inflation increased for the 17th time to 33.95 percent in May from 33.69 per cent.
SOURCE: Opera News