As the year drew to a close, Nigeria faced a significant surge in food inflation, reaching a staggering 33.93% in December 2023. This marks a concerning escalation from the 32.83% recorded just a month prior, as reported by the National Bureau of Statistics (NBS).
The latest Consumer Price Index (CPI) report, released on a Monday, revealed a notable 2.72% increase compared to November’s figures. Notably, the report indicated a substantial 10.18% increment when compared to the corresponding period in 2022, signifying a year-on-year inflation hike.
The surge in food inflation on a Month-on-Month basis can be attributed to the surging average prices of essential commodities such as oil, fat, meat, bread, cereals, potatoes, yam, other tubers, fish, milk, cheese, and eggs.
Furthermore, accompanying the formidable rise in food prices, Nigeria’s headline inflation soared to 28.92% in December, marking the twelfth consecutive increase throughout 2023, as reported by Media Talk Africa.
These figures underscore the pressing economic hardships faced by the Nigerian populace, as the cost of essential food items continues to skyrocket, further exacerbating the challenges of already strained household budgets.
Amidst this unsettling trend, concerns loom over the accessibility and affordability of basic sustenance, prompting calls for urgent economic interventions and policy reforms to alleviate the burden on the populace and shield them from the harsh realities of pervasive food inflation.
As Nigeria grapples with these economic strains, the global community watches with bated breath, underscoring the ripple effects of such developments on both national and international landscapes.
