Kogi 1st, Lagos 3rd: 10 States With Highest Cost of Food In Nigeria Ahead of Christmas

Kogi 1st, Lagos 3rd: 10 States With Highest Cost of Food In Nigeria Ahead of Christmas

  • This year(2023) Christmas celebration will be one of the most expensive for Nigerian households
  • Across the country, the cost of goods and services is now at the highest level in over 18 years
  • Food Items such as bread, fish, eggs, and other staple foods are becoming out of reach for the average Nigerian

The National Bureau of Statistics has revealed the list of states with the highest cost of food amid the worsening cost of living for Nigerians.

In its latest consumer price index report, NBS disclosed that food inflation, which measured the price movement of food items, rose in November 2023 to 32.84% on a year-on-year basis.

Nigeria's inflation rate report
Nigeria's inflation rate for trend Photo credit: NBS
Source: Facebook

The November inflation figure is 8.72% points higher compared to the rate recorded in November 2022, which stood at 24.13%.

On a month-on-month comparison, the food inflation rate in November 2023 was 2.42%, which was 0.51% higher than the rate recorded in October 2023 (1.91%), Punch reports.

Read also

The best: Dangote, Otedola, others share over N1trn in 4hrs as Nigeria Stock market sets new record

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!

Why food items are on the rise?

According to NBS, the increase in food inflation on both a monthly and yearly basis was primarily caused by staple foods.

The bureau said:

"The rise in Food inflation on a year-on-year basis was caused by increases in prices of Bread and cereals, Oil and fat, Potatoes, Yam and other Tubers, Fish, Fruit, Meat, Vegetables and Coffee, Tea and Cocoa
"While, Food inflation on a month-on-month basis was caused by the increase in the average prices of Bread and Cereals, Oil and fat, Meat, Coffee, Tea and Cocoa, Potatoes, Yam & Other Tubers."

Here are the 10 states with the highest food inflation rate ahead of Christmas

StatesFood inflation rate
Kogi 41.29%
Kwara 40.72%
Lagos 39.20%
Ekiti 37.57%
Akwa Ibom37.25%
Edo 35.34%
Ogun 35.49%

Read also

No more N89/kW: Ikeja Electric, Other DisCos announce new electricity tariff, FG approves increase

Expert speaks

Reacting to the rising cost of foods and items, Professor of Capital Market, Uche Uwaleke described the situation as worrisome.

His words:

"What we have seen in November inflation rate is an increase in both year-on-year inflation rate and month on month basis, compared to October 2023 when inflation rate declined in the month on month basis.
“The trend in the inflation rate is quite worrisome given its impact on the purchasing power of the naira and by extension on the poverty level.
"The government must play complementary roles to that of the CBN by tackling insecurity, massive investments in power and agriculture in partnership with the private sector."

"We Know Them:" Marketers identify cabal behind the rising price of cooking gas in Nigeria

Legit.ng reported that Cooking gas marketers under the Nigerian Association of Liquified Petroleum Gas Marketers (NALPGAM) have accused the Liquified Petroleum Gas (LPG) terminal operators of causing the country's high cooking gas cost.

Read also

Transport, food, other price items to rise as inflation hits 27-year high in Nigeria

Oladapo Olatubosun, the association's president, disclosed this when they met the Senate Committee on Gas in the company of the group members on Monday, October 23, 2023.

The commodity's price recently increased to N1,200 per kilogram, with many Nigerians lamenting its high cost amid surging inflation and high living standards.

Source: Legit.ng

Online view pixel