Nigerians are facing steep increases in food prices as inflation figures hit record highs. In May 2024 food inflation increased to 40.66%, an almost 16 percentage point increase on the May 2023 inflation rate of 24.82%, Punch reports.
Headline inflation (covering all consumer goods) increased to 33.95% according to the National Bureau of Statistics (NBS). This is a 28-year high not seen since March 1996.
NBS said that increases in the prices of semovita, oatflake, yam flour, garri, beans, Irish potatoes and yams contributed to the year-on-year increase in the food inflation rate.
Other contributors included palm oil, vegetable oil, beef, chicken and pork products.