Food Inflation in Nigeria and States

The surging food inflation in Nigeria is alarming. If you make it to the market, you will meet many consumers lamenting the high cost of food items. Constantly, the prices keep skyrocketing. This is due to the instability of the prices of food in Nigeria. Consequently, while there are different factors that influence the high cost, there is a need to investigate it.

The high rate of food prices in Nigeria is alarming. Therefore, this has continued to exert pressure on the wallet of Nigerians, both rich and poor. For instance, the food inflation in May is reported to have surged to a percentage of 40.66.

The rising costs affected garri, potatoes, fish, beans, yam, palm oil, and meat, among others, making them the core contributors to Nigeria’s food inflation. Additionally, five states—Kogi, Ekiti, Kwara, Osun, and Edo—have recorded the highest food prices in May 2024.

The National Bureau of Statistics (NBS) consumer price index report details have shown that the average food inflation rate for Kogi was 46.3 percent. Similarly, Ekiti was at 44.94 percent, Kwara had 44.66 percent, Osun was 44.57 percent, and Edo at 44.46 percent.

According to the statistical reports of May 2024, food prices and transport pushed the inflation rate to a 28-year high. Notably, food prices from the five states are high compared to others, ranging from 46.3 percent to 44.46 percent.

Causes of Food Inflation in Nigeria

Many factors are said to have contributed to the current food inflation. In the five top states, they include:

Herders and farmers clash is a major factor behind low food production in the state, like in most Nigerian states.

– Insecurity in food-producing states prevents smooth farming activities in many Nigerian states.

The depreciation of the naira has significantly led to higher prices of food.

– Soaring transportation expenses pose as the catalyst for the price hike, especially the removal of fuel subsidy, has impacted the prices.

– Extortion of funds from agricultural transporters along highways by non-state actors has contributed to exacerbating the cost burden on consumers.

In conclusion, food inflation in Nigeria is disheartening. Thus, the government is advised to come up with measures to combat the excesses of herders/farmers clash, food insecurity, naira depreciation, high transportation expenses, and extortion of agricultural produce transporters.