Food inflation in Nigeria reaches a distressing 40.53%

Amid challenging circumstances, Nigerians face heightened difficulties as the country’s food inflation rate climbed to 40.53% in April, up from 40.01% in March 2024.

The most recent Consumer Price Index and Inflation report by the National Bureau of Statistics revealed this alarming increase.

Compared to last year’s 24.61%, the food inflation rate in April saw a significant 15.92% rise.

This surge in food inflation was primarily driven by price hikes in various essential items such as Millet flour, Garri, Bread, Wheat Flour prepacked, Semovita (all categorized under Bread and Cereals), Yam Tuber, Water Yam, cocoyam (classified under Potatoes, Yam, and other Tubers), Coconut Oil, Palm Kernel Oil, Vegetable Oil, etc. (grouped under Oil and fat), Dried Fish Sardine, Catfish Dried, Mudfish Dried (part of the Fish category), Beef Head, Beef Feet, Liver, Frozen Chicken (within the Meat classification), Mongo, Banana, Grapefruit (belonging to the Fruit category), Lipton Tea, Bournvita, Milo (found in the Coffee, Tea, and Cocoa classification).

This situation is further compounded by the headline inflation rate, which skyrocketed to 33.69% in the same period.

The post Food inflation in Nigeria reaches a distressing 40.53% appeared first on NewsNow Nigeria.

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