Nigeria’s Food Inflation Reaches 33.93% in December 2023, Reflecting Growing Price Pressures

Nigeria experienced a surge in food inflation, reaching 33.93% in December 2023, up from 32.83% in November of the same year. This data was revealed in the Consumer Price Index (CPI) report for December 2023, published by the National Bureau of Statistics (NBS) on Monday.

The increase of 2.72% in food inflation from November to December 2023 indicates a notable rise in prices during this period. Moreover, the report showed a substantial 10.18% rise compared to the corresponding period in 2022.

The rise in food inflation on a month-on-month basis was attributed to increased average prices of essential food items such as oil and fat, meat, bread and cereals, potatoes, yam & other tubers, fish, and milk, as well as cheese and eggs.

Additionally, Nigeria’s headline inflation climbed to 28.92% in December 2023, marking the twelfth consecutive rise in inflation rates throughout the year.

The increase in food inflation raises concerns about the affordability and accessibility of essential food items for the general population. It also highlights the challenges faced by consumers in the face of rising prices, which can impact their purchasing power and standard of living.

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