Maize 88%, plantain 68%…How Nigeria food prices rose in last year

Food prices increased in September to 30.64% in the last one year, the highest in at least 20 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 from 29.34% in August, 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 26.72%, amid a worsening cost-of-living crisis in Africa’s largest economy.

“The rise in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruit, meat, vegetables and milk, cheese, and eggs,” the NBS said.

Inflation in Nigeria has risen to double-digits since 2016, eroding incomes and savings, and may prompt the central bank to raise interest rates, which are already at their highest in nearly two decades, at its next meeting. Annual inflation is at its highest now since 2005.

New details

NBS has now released full details of how food prices changed in May. They cover 43 items, from milk to maize to chicken feet.

Nigerians are bound to face higher prices as inflation is poised to rise even further after the removal of petrol subsidy and the devaluation of the naira.

The Bank of America projects that Nigeria’s inflation rate will reach 30% by the end of year.

According to the statistics office, the three distinct food items that rose the most in price in the last one year to May were Maize grain white sold loose, which rose by as much as 88%; Evaporated tinned milk carnation 170g which rose 85%; and ripe plantain which increased by 68%.

The item with the highest inflation (Maize grain white sold loose) was most expensive in Enugu state and least in Kwara.

Those that recorded the smallest increase were mudfish with 18.9% and smoked catfish which rose by 20.24%.

Monthly change (August 2023 – September 2023)

The three distinct food items that increased in price the most between August and September were broken rice (ofada), which rose by as much as 4.61%; white beans which rose 3.48%; and sliced bread (500g) with 3.43%.

The item with the highest monthly inflation (potato) was most expensive in Ogun and most affordable in Benue.

Those that recorded the smallest increase were onion bulb, which rose by 0.45%; beef with 0.62%, and dried mudfish with 0.81%.

Here are the rates for all the items.