The situation regarding food affordability in Nigeria has become increasingly challenging, as the country faces a significant rise in food inflation. According to the latest data from the National Bureau of Statistics’ “Consumer Price Index: November 2023” report, food inflation in Nigeria escalated to 32.84% in November. This increase reflects a troubling trend for many Nigerians who are struggling to cope with the rising cost of basic food items.
The overall headline inflation rate also saw a sharp increase, reaching 28.20% in November, up from 27.33% in October. This rise in inflation is particularly pronounced in states like Kogi, Kwara, and Rivers, where food inflation rates have soared to 41.29%, 40.72%, and 40.22% respectively.informationguidenigeria
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaCompared to the previous year, the food inflation rate in November 2023 was 8.72 percentage points higher than in November 2022, when it was recorded at 24.13%. This significant year-on-year increase underscores the growing concern over food security and affordability in the country.NYSC Portal
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The report attributes this surge in food prices to increases in various essential food items, including bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables, and beverages like coffee, tea, and cocoa. These rising costs are placing a substantial financial burden on Nigerian households, many of whom are already grappling with economic challenges.JAMB Portal
The NBS said, “On a month-on-month basis, the food inflation rate in November 2023 was 2.42 per cent this was 0.51 per cent higher compared to the rate recorded in October 2023 (1.91 per cent).JAMB Result
“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, which was a 6.68 percentage points increase from the average annual rate of change recorded in November 2022 (20.41 per cent).”
It further noted that food was cheapest in Bauchi (26.14 per cent), Borno (27.34 per cent), and Jigawa (27.63 per cent).
In November, Nigeria’s inflation rate continued its climb to another record 18-year high. According to the country’s statistics body, headline inflation surged by 0.87 percentage points in November to a new record high in almost two decades.
It stated, “In November 2023, the headline inflation rate increased to 28.20 per cent relative to October 2023 headline inflation rate which was 27.33 per cent. Looking at the movement, the November 2023 headline inflation rate showed an increase of 0.87 per cent points when compared to the October 2023 headline inflation rate.
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada“On a year-on-year basis, the headline inflation rate was 6.73 per cent points higher compared to the rate recorded in November 2022, which was 21.47 per cent. This shows that the headline inflation rate (year-on-year basis) increased in November 2023 when compared to the same month in the preceding year (i.e., November 2022).”
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