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Nigeria Faces 40.01% Surge in Food Inflation in March, According to NBS

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Annually, Nigeria’s food inflation has climbed to 40.01%, marking a 15-point increase from the same period last year.

The latest consumer price index and inflation report from the National Bureau of Statistics (NBS) revealed this significant surge.

Comparing the data to February’s 37.92% rate, the country’s overall inflation has increased by 3.62%.

NBS indicated that the spike in food inflation was driven by higher prices of various items, including Garri, Millet, Akpu Uncooked Fermented (from the Bread and Cereals category), Yam Tuber, Water Yam (from the Potatoes, Yam, and other Tubers category), Dried Fish Sadine, Mudfish Dried (from the Fish category), Palm Oil, Vegetable Oil (from Oil and Fat), Beef Feet, Beef Head, Liver (from the Meat category), Coconut, Water Melon (from the Fruit category), Lipton Tea, Bournvita, Milo (from the Coffee, Tea, and Cocoa category).

Previously, NewsNow had reported that headline inflation had reached 33.20%.

This development comes following a recent 240% increase in electricity tariffs for band A customers.

 

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