Nigeria’s food inflation has surged to an unprecedented high of 40.87%, as the Bola Tinubu-led government implements reforms that have significantly increased the cost of living. According to figures released by the National Bureau of Statistics (NBS) on Monday, the headline inflation rate for June 2024 rose to 34.19%, up from 33.95% in May 2024.
The country’s inflation rate has seen a year-on-year increase of 11.40%, compared to the 22.79% recorded in the previous year. Food inflation, in particular, has grown to 40.87% on a year-on-year basis, marking a 15.62 percentage point increase from the 25.25% recorded in June 2023.
The NBS attributed the rise in food inflation to price increases in various staple items. These include millet whole grain, garri, guinea corn, and other items in the bread and cereals category; yam, water yam, and coco yam in the potatoes, yam, and other tubers category; groundnut oil and palm oil in the oil and fats category; and catfish dried, dried fish-sardine, and mudfish in the fish category.
“On a month-on-month basis, the food inflation rate in June 2024 was 2.55%, which shows a 0.26% increase compared to the rate recorded in May 2024 (2.28%),” the NBS report stated. The monthly rise in food inflation was attributed to increased prices in items such as groundnut oil, palm oil, water yam, coco yam, cassava, tobacco, fresh catfish, croaker, fresh mudfish, and snail.
Several factors have contributed to the soaring inflation rates. In May of last year, President Tinubu removed fuel subsidies, leading to a significant hike in energy costs. Additionally, the Central Bank of Nigeria floated the currency, resulting in the depreciation of the naira to N1560 per dollar.
Moreover, ongoing banditry and kidnapping in the country’s food-producing regions have exacerbated the situation. For years, farmers have faced restricted access to their farmlands due to security concerns. In some areas, farmers are forced to pay fines to bandits to access their farms, further hindering food production and supply.
The rising inflation has had a severe impact on the cost of living for Nigerians, with food prices continuing to escalate amidst economic reforms and security challenges. The government faces increasing pressure to address these issues and stabilize the economy to ensure the well-being of its citizens.
