Nigeria’s Food Inflation Hits 40.01% in March 2024, Year-on-Year Increase of 15.56%
Nigeria’s food inflation maintained its upward trajectory, surging to 40.01% in March 2024 compared to the same period last year, marking a significant rise from 24.45% in March 2023 and 37.90% in February 2024.
The headline inflation rate also saw a notable increase to 33.2% in March, up from 31.70% in February, according to the National Bureau of Statistics.
The spike in food inflation was primarily driven by surging prices of staple items such as garri, millet, and uncooked fermented akpu, as well as yam, dried fish, palm oil, vegetable oil, beef, and liver.
On a month-on-month basis, food inflation slightly decreased to 3.62% in March, down from 3.79% in February.
The average annual rate of food inflation over the twelve months ending March 2024 rose to 31.40%, up from 22.72% in March 2023.
The report highlighted regional disparities, with Kogi, Kwara, and Akwa Ibom experiencing the highest food inflation rates, while Nasarawa, Borno, and Bauchi recorded the slowest increases.
Core inflation, which excludes volatile agricultural produce and energy prices, stood at 25.90% in March 2024, with significant increases observed in transportation, housing rentals, medical consultation fees, and pharmaceutical products.
On a month-on-month basis, core inflation rose to 2.54% in March 2024 from 2.17% in February.
The report also detailed regional variations in headline inflation, with Kogi, Bauchi, Kwara, and Oyo witnessing the highest rates, while Borno, Benue/Taraba, and Katsina recorded the slowest rises.
Zamfara, Abia, and Ondo saw the highest month-on-month increases in headline inflation, whereas Borno, Yobe, and Adamawa recorded the slowest rises.
Overall, Nigeria grapples with soaring inflation rates, particularly in food prices, posing significant challenges to households and policymakers alike.
