Food prices increased in January by 35.4 percent in the last one year, the fastest pace of food inflation in nearly 30 years, as Nigerians continue to face an exceptionally grim cost-of-living crisis.
Food inflation, which makes up the bulk of Nigeria’s inflation basket, rose on average from 33.9 percent in December, according to the National Bureau of Statistics.
The statistics bureau said food and non-alcoholic beverages contributed the most to the headline inflation or consumer price index, which stood at 29 percent, amid a worsening cost-of-living crisis in Africa’s largest economy.
Inflation in Nigeria has risen to double-digits since 2016, eroding incomes and savings.
The Central Bank of Nigeria responded on Tuesday with a huge interest rate hike of 4 percentage points, raising the benchmark rate from 18.75 percent to 22.75 percent.
Annual changes
NBS has released details of how food prices changed in January. They cover 44 items, from milk to maize to frozen chicken.
According to the statistics office, three food items that rose the most in price in the last one year to May were plantain, sweet potato and yam.
The price of plantain surged by 129.5 percent, sweet potato by 125 percent and yam 109 percent.
The item with the highest inflation (unripe plantain) was most expensive in Abuja and cheapest in Yobe state.
Those that recorded the smallest increase were eggs with 33.5 percent and boneless beef which rose by 37.08 percent.
Monthly change (December 2023 – January 2024)
The three food items that increased in price the most between December 2023 and January were broken rice, beans and sweet potato.
They increased by 14.3 percent, 12 percent and 11.5 percent respectively.
The item with the highest monthly inflation (rice) was most expensive in Kwara and most affordable in Adamawa.
Onion bulb was the only item that recorded price decrease, with a margin of 9.33 percent.
Palm oil and wheat flour rose in price the least.
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