A recent report by the National Bureau of Statistics (NBS) revealed that Nigeria’s food inflation surged to 32.84% in November, marking an increase from the previous month’s 31.51%. This alarming escalation was disclosed in the November Consumer Price Index report, underscoring the growing economic challenges faced by the populace.

The year-on-year comparison further paints a grim picture, with the current figure standing at 8.72% higher than November 2022’s rate of 24.13%. Notably, the month-on-month analysis indicates a 2.42% food inflation rate for November 2023, reflecting a 0.51% rise from October 2023.
According to the NBS, the upsurge in food inflation can be attributed to soaring prices across various essential commodities. This includes bread and cereals, oil and fat, potatoes, yam, and other tubers, fish, fruit, meat, vegetables, as well as coffee, tea, and cocoa.

The annual average rate of food inflation for the twelve months leading up to November 2023 stood at 27.09%, highlighting a staggering 6.68% increase from the previous twelve-month average recorded in November 2022, which was 20.41%.

This revelation comes against the backdrop of widespread lamentations by Nigerians grappling with the escalating costs of goods and services nationwide.

The exponential surge in food inflation not only intensifies the financial strain on households but also poses significant socio-economic implications, warranting urgent attention and strategic intervention. This persistent predicament calls for concerted efforts from stakeholders to mitigate the adverse effects and safeguard the welfare of the citizenry amidst prevailing economic challenges.