Nigeria Ranks High Among African Countries with Highest Food Inflation

Nigeria Ranks High Among African Countries with Highest Food Inflation

  • A new report by the United Nations says that Nigeria is one of the 10 African countries affected by high food inflation
  • The report attributed the rise in the prices of food items on the continent to weak currencies and weather conditions
  • It also listed countries such as Zimbabwe, Ethiopia and Malawi among African countries battling high food inflation

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Nigeria is one of the many African countries battling high food inflation, contributing significantly to its overall inflation.

According to the National Bureau of Statistics (NBS), Nigeria’s food inflation rose to 37.92% amid an overall inflation rate of 29.90$ for February 2024.

Food inflation in Africa
Nigeria is ranked among African countries with high food inflation Credit: Jamie McDonald - FIFA / Contributor
Source: Getty Images

On the home front, some Nigerian states rank high on the food inflation index, with Kogi, Rivers, and Kwara states leading the pack.

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Nigeria named among the countries with food inflation

In a March 2024 report by NBS, food inflation jumped to 33.20%, the highest in years.

Analysts believe that despite inflation cooling in most Sub-Saharan African countries, it remains high compared to other countries worldwide.

A report by the United Nations says food inflation and weakening domestic currencies still drive inflation across Africa.

The UN report noted that in countries with low inflation, food inflation is attributed to the normalisation of global supply chains, steady decline in commodity prices, and the effects of monetary tightening and fiscal consolidation across Africa.

Countries such as Ethiopia, Zimbabwe, Malawi, Nigeria, and Sierra Leone have seen double-digit inflation every year.

The report said adverse weather events disrupted East, South, and West African food supplies.

It also noted that high food imports in local currencies and growing logistics costs abroad and at home still affect food inflation in Africa.

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The UN added that food prices tend to have a more than proportional effect on the budgets of lower-income households.

The report also listed the top 10 African countries with high food inflation.

African countries with highest food inflation

  1. Zimbabwe
  2. Sierra Leone
  3. Malawi
  4. Nigeria
  5. Ethiopia
  6. Ghana
  7. Angola
  8. Burundi
  9. The Gambia
  10. Guinea

Top 10 states with the highest food cost

Legit.ng previously reported that the National Bureau of Statistics (NBS) has revealed that the food inflation rate in January 2024 was 35.41% yearly.

This is 11.10% points higher than the 24.32% food inflation rate recorded in January 2023.

The statistics body disclosed this in its consumer price report for January 2024 published on its website.

Source: Legit.ng

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