The National Bureau of Statistics (NBS) has revealed that the food inflation rate in May 2024 rose to was 40.66% on a year-on-year basis.
The new food inflation rate is 115.84% points higher compared to the rate recorded in May 2023 (24.82%).
However on a month-on-month basis, the food inflation rate in May 2024 shows a decrease of 0.22% compared to the rate recorded in April 2024 (2.50%).
NBS disclosed this in its consumer price report for May 2024 published on its website.
The report stated that the rise in food inflation on a year-on-year basis was caused by increases in prices of the following items.
The NBS listed the food items as semovita, oatflake, yam flour prepackaged, garri, and beans (which are under the bread and cereals class); Irish potatoes, yam, and water yam (under the potatoes, yam, and other tubers class).
Others are palm oil and vegetable oil (under the oil and fats class); stockfish, mudfish, and crayfish (under the fish class); and beef head, chicken-live, pork head, and bush meat (under the meat class).
Furthermore, NBS noted:
“The fall in food inflation rate on a month-on-month basis was caused by a decrease in the rate of increase in the average prices of Palm oil and Groundnut oil (under the Oil and Fats class); Yam, Irish potatoes, and Cassava tuber (under the Potatoes, Yam, and Other Tubers class); and Wine, Bournvita, Milo, and Nescafe (under the Coffee, Tea, and Cocoa class).”
Here is a breakdown of the states with the highest food inflation rate in May 2024.
Kogi: 46.32%
In the last few months, Kogi State has led the table with the highest food inflation rate as the state continues to battle challenges of insecurity and continuous clashes between farmers and herders.
Over the years, agriculture has been key to the socio-economic development of Kogi, but in the last few months, life has been toughest for residents when buying food compared to other states.
Ekiti: 44.94%
Ekiti State is the second state with the highest food inflation rate in May 2024, despite being blessed with fertile land.
The onus is now on Biodun Oyebanji, the state governor, to find a way to harness the rich agricultural economy of the state to bring down food prices.
Other top 10 states with highest food inflation rate is in table below:
3rd Kwara 44.66%
4th Osun 44.57%
5th Edo 44.42%
6th Enugu 44.42%
7th Imo 44.32%
8th Cross River 44.24%
9th Abia 44.02%
10th Akwa Ibom 43.83%
Source: legit.ng
