The National Bureau of Statistics has revealed how in March 2024, Food inflation decreased by 0.17 per cent compared to February 2024, with a rate of 3.62 per cent.
According to a report by NBS, Nigeria’s inflation rate rose to 33.2 per cent in March 2024, saying that “This signifies a rise of 1.5 per cent compared to the 32.7 per cent noted in February 2024.”
The report partly stated, “The decrease in food inflation on a month-to-month basis was driven by a reduction in the rate of growth in the average prices of items such as Guinea corn flour and plantain flour (in the Bread and Cereals category), yam, Irish potatoes, and coco yam (in the Potatoes, Yam & Other Tubers category), as well as Titus fish, dried mudfish (in the Fish category), and products like Lipton, Bournvita, and Ovaltine (in the Coffee, Tea, and Cocoa category).”
List of states with the Highest and Lowest Food Price Inflation Rates in Nigeria in March 2024.
Highest rise in Food Inflation Rate:
Abia (5.17 per cent)
Cross River (5.14 per cent)
Bayelsa (4.75 per cent)
Lowest rise in Food Inflation Rate:
Borno (1.59 per cent)
Yobe (2.08 per cent)
Adamawa (2.12 per cent)
