NBS Report: Food Inflation Surges, Prices Of Garri, Yam, And Akpu Soar

NBS Report: Food Inflation Surges, Prices Of Garri, Yam, And Akpu Soar

The latest Consumer Price Indices Report by the National Bureau of Statistics (NBS) has unveiled a concerning surge in the prices of essential food items like Garri, yam, and ‘Akpu.’ This spike in prices has made staple foods increasingly unaffordable for many Nigerians……..READ ALSO NBS Report: States With Highest And Lowest Costs Of Healthy Diets Revealed

Released on Monday, the NBS report for March 2024 highlights a significant increase in food prices compared to the same period in the previous year. Food inflation soared to 40.01 percent year-on-year, marking a substantial 15.56 percentage point rise from March 2023.

The report attributes this surge in food inflation to the increased prices of various food items. Among them are Garri, millet, and Akpu (uncooked fermented cassava), categorized under bread and cereals. Additionally, yam tubers, water yam, dried fish (sardine and mudfish), palm oil, vegetable oil, meats (beef feet, beef head, liver), coconut, watermelon, and various beverages like Lipton tea, Bournvita, and Milo, have experienced notable price increases.

The analysis further reveals that Southern states, particularly Abia and Cross River, witnessed the highest food price hikes on a month-on-month basis. In contrast, states in the North East, including Borno, Yobe, and Adamawa, reported relatively lower food inflation rates during the same period.

While the report provides a comprehensive overview of food price dynamics across different regions of Nigeria, it also underscores the challenges faced by consumers grappling with escalating costs of basic food items.

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