Nigeria’s food inflation has hit an alarming rate of 37.77%, the highest in years, as the prices of essential items like rice, maize, beer, yam, and vegetable oil continue to soar.
This sharp rise, reported by the National Bureau of Statistics (NBS) in its latest Consumer Price Index and Inflation Report, marks a 7.13% increase compared to the inflation rate of 30.64% recorded in the same period last year.
The ongoing crisis has left many Nigerians struggling to cope with the skyrocketing cost of living, as food prices and transportation costs spiral out of control.
According to the NBS report, the country’s food inflation is largely driven by significant price increases in basic staples such as guinea corn, rice, maize, beans, yam, and vegetable oil.
Prices of beverages such as Milo, Lipton, and Bournvita, as well as local and foreign beer, have also seen a steep increase.
The monthly food inflation rate increased to 37.77% in September, up from 37.52% recorded in August, highlighting the unrelenting rise in the cost of food across the country.
“The average annual rate of food inflation for the twelve months ending in September 2024 was 37.53%, which represents an 11.88% increase from the 25.65% recorded in September 2023,” the NBS revealed in its report.
The drastic rise in food prices has placed an immense burden on Nigerians, particularly low and middle-income families who now find it difficult to afford basic necessities.
Rice, a staple food in most households, has become almost unaffordable for many. The cost of a 50kg bag of rice, which was once a common purchase, has more than doubled in recent months.
Maize and beans, both essential components of Nigerian diets, have also seen their prices soar, making it harder for families to feed themselves.
“I used to buy a bag of rice for N30,000, but now it costs over N60,000. It is very difficult for my family to manage,” said Mary Oluchi, a trader in Lagos.
Similarly, the price of vegetable oil, an important cooking ingredient, has nearly doubled, making it harder for families to prepare their meals.
The high prices of local and foreign beer have also affected social gatherings and celebrations. Beer, once a regular feature at social events, is now becoming a luxury many cannot afford.
Nigeria’s inflation woes have been exacerbated by several fuel price hikes in 2024. The Nigerian National Petroleum Company Limited (NNPCL) increased the price of petrol from N600 per litre to N897 per litre in September.
These fuel price hikes have had a direct and significant impact on transportation costs, further contributing to the rise in food and goods prices. With the cost of fuel higher than ever, transporting goods across the country has become more expensive, causing food prices to surge even further.
The rise in fuel prices has also affected commuters, who now have to pay significantly more for transportation. For many, the daily commute to work or school has become a costly affair.
Experts have warned that the sharp rise in inflation, particularly food inflation, poses a serious threat to Nigeria’s economy and the well-being of its citizens.
The situation is made worse by the government’s decision to remove subsidies on petrol earlier in the year, leading to higher fuel prices across the country. This has placed additional pressure on businesses, which now have to spend more on transportation and energy, costs that are ultimately passed on to consumers.
The high cost of fuel has also affected production costs, particularly in agriculture, where farmers now struggle to afford fuel for tractors and other machinery. This has contributed to reduced food production, pushing prices even higher.
Nigeria’s inflation rate, which stood at 32.70% in September, is among the highest in the world, and many are concerned about the long-term impact this will have on the country’s economy.
