Food crisis deepens as Inflation soars to 33.2%

There is no end in sight to the skyrocketing price of food commodities in the country with the National Bureau Statistics (NBS) announcing an increase in food inflation to 40 per cent in March, 15.56 per cent points higher compared to the rate recorded (YonY) in March 2023 (24.45 per cent).

Daily Trust reports that Nigeria’s food crisis has festered over the months, leading residents to loot trucks and warehouses.

 Despite the country having a huge arable land, insecurity and climate change have been the major issues impeding bumper harvest for farmers to feed the nation.

 The increase in price of food is despite myriad assurances given by the President Bola Ahmed Tinubu to tame the rising cost of food.

 On a year on year increase, NBS explained that food items like; garri, millet, akpu (uncooked fermented cassava), yam tuber, water yam, dried fish sardine, mudfish dried, palm oil, vegetable oil beef feet, beef head, liver, coconut, water melon, Lipton tea, Bournvita, milo recorded increases

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 “For on a month-on-month basis, it said 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, yam, Irish potato, coco yam, Titus fish, Mudfish Dried, lipton, bournvita, ovaltine .

Inflation rises to 33.20 per cent

 The report also said headline inflation in March was 33.20 per cent in March, a 1.50 per cent increase from February. 

It stated that on a year-on-year basis, the headline inflation rate was 11.16 per cent points higher compared to the rate recorded in March 2023, which was 22.04 per cent.

“This shows that the headline inflation rate YoY increased in the month of March 2024 when compared to the same month in the preceding year (i.e., March 2023).”

It added that on a month-on-month basis, the headline inflation rate in March 2024 was 3.02 per cent, which was 0.10 per cent lower than the rate recorded in February 2024 (3.12 per cent).

 “This means that in the month of March 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in February 2024.”

Food inflation highest in Kogi

 It added that food inflation on a year-on-year basis, was highest in Kogi (48.46%), Kwara (46.18%), Akwa Ibom (45.18%), while Nasarawa (33.76%), Borno (34.28%) and Bauchi (34.38%), recorded the slowest.

 On a month-on-month basis, however, it was highest in Abia (5.17%), Cross River (5.14%), Bayelsa (4.75%), while Borno (1.59%), Yobe (2.08%) and Adamawa (2.12%) recorded the slowest rise in food inflation.