Food Inflation Increases By 61% in a Single Year – NBS

Food inflation increased to 40.66 percent in May, making it harder for Nigerians to feed themselves.

This occurred when the price of food increased by 61%, from 25.25% in June 2023 to 40.66% in May 2024, indicating a consistent increase in the expense of living.

This is based on examining the most recent National Bureau of Statistics Consumer Price Index and Inflation data.

The NBS said on Saturday that headline inflation increased from 33.69% in April to 33.95%, a change of 0.26%.

According to the study, rising food and transportation costs caused the inflation rate to reach a 28-year peak not seen since March 1996.

Food costs have increased in Nigeria in recent years. The effects of government initiatives, such as the elimination of gasoline subsidies, among others, caused the situation to worsen.

The governor of the CBN observed that despite the interest rate increase in February, inflationary pressure had not decreased.

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