Food prices and inflation in Nigeria

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Data from the National Bureau of Statistics (NBS) in Nigeria has shown that an increase in food prices has forced Nigeria’s inflation for the month of January 2020 to hit 12.13 percent.

This is 0.15 percent points higher than the rate recorded in December 2019 (11.98 percent).

The report from NBS was released in February 2020.

It stated that the composite food index rose by 14.85 percent in January 2020 compared to 14.67 percent in December 2019.

It also revealed that the rise in the food index was caused by increases in prices of Bread and Cereals, Meat, Oils and fats, Potatoes, yam, and other tubers and Fish.

“In January this year, 2020, food inflation on a year on year basis was said to be highest in Sokoto State with (19.08 %), Ogun State with (18.72%) and NasarawaState with (17.07%).

Meanwhile, Bayelsa has (12.91%), Delta has (11.57%) and Benue State has (11.33%) even as they recorded the slowest rise.

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On a month on month basis, food inflation was highest in Ondo (2.95%), Anambra (2.61%) and Abuja (2.57%), while Benue, Kogi and River recorded price deflation.

In the same vein, the urban inflation rate increased by 12.78 percent in January 2020, while the rural inflation rate increased by 11.54 percent in the same month in review.

The latest inflation report showed that Nigeria’s inflation rose to five months high and the last time similar figures were reported was in April 2018 when it dropped to 12.48 percent from 13.4% in March.

The country’s inflation rate had dropped from 11.40% in May 2019 to 11.02% recorded in August, but the recent rise in inflation started in September with 11.24%.

The Central Bank of Nigeria Governor, Godwin Emefiele, has however expressed his displeasure at the inflationary pressure but was quick to assure that the trend will witness an immediate turnaround.

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