The National Bureau of Statistics, NBS, has disclosed that Nigeria’s food inflation increased to 32.84 per cent in November from 31.51 per cent recorded in the previous October.
The NBS made the disclosure in November’s Consumer Price Index release on Friday.
On a year-on-year basis, the figure is 8.72 per cent points higher than the rate recorded in November 2022 (24.13 per cent).
“The Food inflation rate in November 2023 was 2.42 per cent; this was 0.51 per cent higher than the rate recorded in October 2023 (1.91 per cent)”, the report stated.
Accordingly, the rise in Food inflation on a year-on-year basis was caused by increases in the prices of Bread and cereals, Oil and fat, Potatoes, Yam and other Tubers, Fish, Fruit, Meat, Vegetables and Coffee, Tea and Cocoa.
The average annual rate of Food inflation for the twelve months ending November 2023 over the previous twelve-month average was 27.09 per cent, a 6.68 per cent point increase from the average annual rate of change recorded in November 2022 (20.41 per cent).
The development comes as Nigerians continue to groan over the rising prices of goods and services nationwide.
