Lagos, Nigeria – October 16, 2024 – Nigeria’s food inflation rate surged to 37.7% in September, reversing a two-month decline and adding financial pressure on households across the nation. The latest Consumer Price Report from the National Bureau of Statistics (NBS) highlights a year-on-year increase of 23% from 30.6% in the same period last year.
On a month-on-month basis, food inflation rose by 2.64%, up from 2.37% in August. Analysts attribute this spike primarily to the recent increase in fuel prices, which have significantly impacted transportation costs across the country. A litre of petrol now averages N1,100, a substantial rise from N568 in June, exacerbating the costs associated with transporting agricultural goods from rural areas to urban markets.
The NBS identified key food staples contributing to the inflationary pressure, including guinea corn, rice, maize grains, beans, yam, and cassava tubers. A report from Bancorp Securities Limited emphasizes that the hike in fuel prices is a major driver behind the September inflation increase.
Additionally, recent flooding incidents have adversely affected food production, further contributing to rising prices. The NBS noted significant regional disparities in food inflation, with Sokoto recording the highest rate at 50.47%, followed by Gombe at 44.09%, and Yobe at 43.51%. In contrast, Kwara (32.45%), Rivers (32.80%), and Kogi (2.83%) experienced the slowest year-on-year increases.
Experts express concern that persistent challenges in agricultural productivity, reliance on food imports, and ongoing fuel price volatility will keep food prices elevated, posing a critical issue for Nigerian households. As the country navigates these economic pressures, the outlook for food affordability remains uncertain.