In a recsnt, development, economic hardship in Nigeria has worsened as the country’s food inflation increased to 40.66 percent in May 2024 from 24.82 percent in the same period last year, as reported by DAILY POST.
The National Bureau of Statistics disclosed this in its latest Consumer Price Index and inflation report.
The food inflation rate in May 2024 was 40.66 percent on a year-on-year basis.
This was 15.84 percent points higher compared to the rate recorded in May 2023, which was 24.82 percent.
On a month-on-month basis, Nigeria’s food inflation increased to 40.66 percent in May from 40.53 percent 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, Bean, Irish Potatoes, Palm Oil, Vegetable Oil, Stockfish, Mudfish, Crayfish, Beef Head, Chicken-live, Pork Head, and Bush Meat.
The food inflation rate in May 2024 was 2.28 percent, which also shows a decrease of 0.22 percent compared to the rate recorded in April 2024 (2.50 percent).
The average annual rate of food inflation for the twelve months ending May 2024 was 34.06 percent.
This was a 10.41 percent points increase from the average annual rate recorded in May 2023 (23.65 percent).
The development comes as Nigeria’s overall inflation increased for the 17th time, rising to 33.95 percent in May from 33.69 percent in April.
The sharp increase in food inflation and overall inflation has had severe impacts on Nigerians.
Families are struggling to afford basic necessities, and the cost of living has become unbearable for many.