Economic hardship in Nigeria has intensified as the country’s food inflation surged to 40.66 percent in May 2024, up from 24.82 percent in the same period last year, according to the latest Consumer Price Index and inflation report from the National Bureau of Statistics.
The report revealed that the food inflation rate in May 2024 was 40.66 percent year-on-year, an increase of 15.84 percentage points from May 2023’s 24.82 percent. On a month-on-month basis, food inflation in Nigeria rose slightly from 40.53 percent in April to 40.66 percent in May.
The year-on-year rise in food inflation was driven by higher prices of several staple foods, including semovita, oat flakes, yam, packaged flour, garri, beans, Irish potatoes, palm oil, vegetable oil, stockfish, mudfish, crayfish, beef head, live chicken, pork head, and bush meat.
Despite the annual increase, the food inflation rate for May 2024 showed a slight month-on-month decrease to 2.28 percent, down from 2.50 percent in April 2024.
The average annual food inflation rate for the twelve months ending in May 2024 was 34.06 percent, marking a 10.41 percentage point increase from the 23.65 percent recorded in May 2023.
This development coincides with Nigeria’s overall inflation rate rising for the 17th consecutive month, reaching 33.95 percent in May 2024, up from 33.69 percent in April.
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