The National Bureau of Statistics (NBS) in it’s latest inflation report, has announced that Garri, yam, ‘Akpu’ and other food prices have increased in March.
The report on Monday indicates that the prices of food items have skyrocketed, leaving many people unable to afford staple foods.
On food inflation, the bureau said: “The food inflation rate in March 2024 was 40.01 percent on a year-on-year basis, which was 15.56 percentage points higher compared to the rate recorded in March 2023 (24.45 per cent).
“The rise in food inflation on a year-on-year basis was caused by increases in prices of the following per cent items:
“Gari, millet, Akpu uncooked fermented (which are under the bread and cereals class), yam tuber, water yam (under potatoes, yam, and other tubers class), dried fish sardine, and mudfish dried (under Fish class).
“Palm oil, vegetable oil (under Oil and Fat), beef feet, beef head, liver (under meat class), coconut,
watermelon (under Fruit Class), Lipton tea, Bournvita, Milo (under coffee, tea, and cocoa class).
Further analysis of the report showed that Southern states, led by Abia and Cross River, recorded the highest food prices on a Month-on-Month basis.
On the other hand, states within the North East (Borno and Yobe) recorded the lowest food inflation during the time.
“On a Month-on-Month basis, however, March 2024 Food inflation was highest in Abia (5.17 percent), Cross River (5.14 percent), Bayelsa (4.75 percent), while Borno (1.59 percent), Yobe (2.08 percent) and Adamawa (2.12 percent) recorded the slowest rise in Food inflation on Month-on-Month basis.”
