The National Bureau of Statistics (NBS) has revealed that the food inflation rate in April 2024 was 40.53%….READ FULL ARTICLE HERE

This was 15.92% higher than the rate recorded in April 2023 (24.61%), indicating that families have had to earn more to eat.

NBS, however, stated that April 2024 was a better month than the rate recorded in March 2023.

According to the report, on a month-on-month basis, the food inflation rate recorded a 1.11% decrease to 2.50% compared to the rate recorded in March 2024 (3.62%).

The report stated that food inflation on a year-on-year basis was caused by increases in the prices of the following items: millet flour, garri, bread, wheat flour (prepacked), semovita (which are under the bread and cereals class); yam tuber, water yam, cocoyam (under the potatoes, yam and other tubers class); coconut oil, palm kernel oil, vegetable oil (under the oil and fats class); and dried fish.

Others include sardine, dried catfish, and dried mudfish (under fish class); beef head, beef feet, liver, and frozen chicken (under meat class); mango, banana, and grapefruit (under fruit class); and Lipton tea, Bournvita, and Milo (under coffee, tea, and cocoa class).

NBS added:

“The fall in food inflation on a month-on-month basis was caused by a decrease in the rate of increase in the average prices of yam, water yam, Irish potatoes (under Potatoes, Yam & Other Tubers class), beer, local beer (under Tobacco class), Milo, Bournvita, Nescafe (under Coffee, Tea, and Cocoa class), groundnut oil, palm oil (under Oil and Fats class), egg, fresh milk, powdered milk, tin milk (under Milk, Cheese, and Eggs class), soft drinks (e.g., Malt Guinness, Coca-Cola, etc.), spirit (local production), Chelsea, Seaman Schnapps (under Spirit class), wine, and fruit (e.g., watermelon, pineapple, banana, pawpaw, etc.).”

10 states with the highest food inflation rate in April 2024

Kogi: 48.6%
Kwara: 46.7%
Ondo: 45.9%
Osun: 45.6%
Akwa Ibom: 45.1%
Edo: 44.6%
Abia: 44.6%
Rivers: 44.5%
Imo: 43.7%
Oyo: 43.5%

Earlier, it was reported that the market prices of 50kg bags of top rice brands are fast becoming unaffordable for most citizens.

For example, some retailers in Nigeria have reported that the price of Mama Gold Rice has risen to about N78,500 in Lagos.

A 50kg bag of Stallion brand sells for N77,000 to N80,000, depending on the location and grain type….READ FULL ARTICLE HERE

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