Rice, yam, others push food inflation up to 39.93 per cent Nexovant

Nigeria’s headline inflation rose to 34.6% in November, up from 33.8% in October 2024
Food inflation is up to 39.93%, the persistent increase is sustained by rising prices in tuber crops and grains
Bauchi, Kebbi and Anambra states recorded the worst food inflation, with 46.21%, 42.41% and 40.48% respectively

Nigeria’s inflation situation has worsened even further, with headline inflation surging to 34.6% in November, up 0.72 per cent from the 33.8% reported for October 2024.

According to the just-released Consumer Price Index (CPI) report, the headline inflation is 6.40% points higher than that of November 2023, which was pegged at 28.20%.

Nigeria's inflation rate rises in November Inflation continues to push forward, after the two-month reversal seen in July and August 2024. Photo credit: Benson Ibeabuchi
Source: Getty Images

The National Bureau of Statistics (NBS) report revealed that food inflation has also risen to 39.93%, up from 32.84% in November 2023.

The report shows Bauchi, Kebbi, and Anambra states as the worst hit, with food inflation rates of 46.21%, 42.41%, and 40.48%, respectively.

Tuber crops, grains to blame for rise in food inflation

According to the NBS, the persistent increase is being pushed by an increase in the price of staple foods like Yam, cocoyam, water yam, and potatoes. Grain prices are also contributing factors, with the price of guinea corn, maize, and rice increasing further.

Other food items that increased in price include palm and vegetable oils, goat meat, dried beef, frozen chicken, powdered milk, and dried catfish.

Inflation, thus, continues to push forward, after the two-month reversal seen in July and August 2024. Nigeria had seen consistent months of rise in inflation up to June 2024, before a slight decline in the next two months.

By September 2024, the inflation rate continued its upward movement, reaching a new high of 32.7%.

Prices of chicken, eggs to go higher

In related news, Legit.ng reported that Olufemi Adelayo, an expert, disclosed that the prices of chickens and eggs would become more expensive this Christmas.

In the last 12 months, chicken feed prices have increased by 250% due to scarcity and the rising cost of raw materials like soy and wheat.

Adelayo said traders would struggle to find a affordable price for Nigerians without running a loss because of the high cost of production.

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Source: Legit.ng

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