Food Prices Continue To Rise, Inflation Hits 33.20%

Rising food prices drove headline inflation in March to an all-time high of 33.20 per cent, relative to the February 2024 rate of 31.70 per cent. Food inflation rate stood at 40.01 per cent, in what experts described as a discomforting development.

In a broader analysis, the March 2024 headline inflation rate showed an increase of 1.50 per cent points when compared to the February 2024 headline inflation rate.

Food inflation was 15.56 per cent points higher compared to the rate recorded in March 2023 (24.45 per cent).

According to National Bureau of Statistics (NBS), the rise in food inflation on a year-on-year basis was caused by increases in prices of the following  items:  Garri, millet, akpu uncooked fermented (which are under the bread and cereals class);  yam tuber, water yam (under potatoes, yam, and other tubers class);  dried fish  sadine, mudfish dried (under fish class);  palm oil, vegetable oil (under oil and fat);  beef, beef bead, liver (under meat class); coconut, water melon (under fruit class); lipton tea, bournvita, milo (under coffee, tea and cocoa class).

“On a month-on-month basis, the food inflation rate in March 2024 was 3.62 per cent which shows a 0.17 per cent decrease compared to the rate recorded in February 2024 (3.79 per cent). The fall  in food inflation on a month-on-month basis was caused by a fall in the rate of increase in the average prices of guinea corn flour, plantain flour etc (under bread and cereals  class);  yam, Irish potatoes, coco yam (under potatoes, yam & other tubers class);  titus fish, mudfish dried (under fish class);  lipton, bournvita, ovaltine (under coffee, tea and cocoa class).