The National Bureau of Statistics (NBS) has released its latest report revealing a significant increase in prices of staple foods like Garri, yam, and ‘Akpu’ in March 2024. This surge in food prices, outlined in the Consumer Price Indices Report, is indicative of a growing challenge in accessing affordable food items for many households.
Food inflation reached a staggering 40.01 percent year-on-year in March 2024, marking a 15.56 percentage point rise compared to the previous year. The inflationary pressure was driven by price hikes in essentials such as Gari, millet, uncooked fermented Akpu, yam tuber, water yam, dried fish sardine, mudfish dried, palm oil, vegetable oil, beef feet, beef head, liver, coconut, watermelon, Lipton tea, Bournvita, and Milo.
Southern states, particularly Abia and Cross River, experienced the highest food price increases on a month-on-month basis, with Abia leading at 5.17 percent, followed closely by Cross River and Bayelsa. Conversely, states in the North East, including Borno, Yobe, and Adamawa, recorded slower rises in food inflation, ranging from 1.59 to 2.12 percent.
The NBS report underscores the urgent need for interventions to mitigate the impact of rising food prices on consumers, especially in vulnerable communities.
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