Food Prices Rise As Inflation Hits 26.72%

Nigeria’s food sub-index for September 2023 increased to 30.64 percent on a year-on-year basis – 7.30 percent points higher compared to the rate recorded in September 2022 (23.34 percent), the National Bureau of Statistics has disclosed.

The NBS in a statement on Monday said the rise in food inflation was attributed to increases in prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruit, meat, vegetables and milk, cheese, and eggs.

It, however, said food inflation dropped on a month-on-month basis by 2.45 percent.

“This was 1.41 percent lower compared to the rate recorded in August 2023 (3.87 percent). The decline in food inflation was caused by a decrease in the average prices of potatoes, yam and other tubers, bread and cereals, fruits, and fish.”

Meanwhile, the statement stated that headline inflation rate, on a year-on-year basis, increased to 26.72 percent relative to the August 2023 headline inflation rate which was 25.80 percent.

It attributed the increase to rise in food and non-alcoholic beverages at 13.84 percent, housing, water, electricity, gas and other fuel (4.47 percent), clothing and footwear (2.04 percent), transport (1.74 percent), furnishings and household equipment and maintenance (1.34 percent), education (1.05 percent) and health (0.80 percent). others are miscellaneous goods and services (0.44 percent), restaurants and hotels (0.32 percent), alcoholic beverages, tobacco and kola (0.29 percent), recreation and culture (0.18 percent) and communication (0.18 percent).”