Full List: 10 States With Highest Cost of Food As Life Gets Tougher for Nigerians
- Once again, Nigerians were forced to pay more for food across the country when compared to the previous year
- New data from the NBS has revealed a list of states in Nigeria where residents are experiencing the fastest increase in food prices
- The current level of food prices show that more Nigerians are getting poorer and highlight the urgent need for the federal government to find a solution quickly
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The National Bureau of Statistics (NBS) has revealed that the food inflation rate in May 2024 rose to was 40.66% on a year-on-year basis.
The new food inflation rate is 115.84% points higher compared to the rate recorded in May 2023 (24.82%).
Source: Getty Images
However on a month-on-month basis, the food inflation rate in May 2024 shows a decrease of 0.22% compared to the rate recorded in April 2024 (2.50%).
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
NBS disclosed this in its consumer price report for May 2024 published on its website.
Breakdown of state food price changes
The report stated that the rise in food inflation on a year-on-year basis was caused by increases in prices of the following items
The NBS listed the food items as semovita, oatflake, yam flour prepackaged, garri, and beans (which are under the bread and cereals class); Irish potatoes, yam, and water yam (under the potatoes, yam, and other tubers class).
Others are palm oil and vegetable oil (under the oil and fats class); stockfish, mudfish, and crayfish (under the fish class); and beef head, chicken-live, pork head, and bush meat (under the meat class).
Furthermore, NBS noted:
"The fall in food inflation rate on a month-on-month basis was caused by a decrease in the rate of increase in the average prices of Palm oil and Groundnut oil (under the Oil and Fats class); Yam, Irish potatoes, and Cassava tuber (under the Potatoes, Yam, and Other Tubers class); and Wine, Bournvita, Milo, and Nescafe (under the Coffee, Tea, and Cocoa class)."
Here are the top 10 states with highest food inflation
Here is a breakdown of the states with the highest food inflation rate in May 2024.
Kogi: 46.32%
In the last few months, Kogi State has led the table with the highest food inflation rate as the state continues to battle challenges of insecurity and continuous clashes between farmers and herders.
Over the years, agriculture has been key to the socio-economic development of Kogi, but in the last few months, life has been toughest for residents when buying food compared to other states.
Ekiti: 44.94%
Ekiti State is the second state with the highest food inflation rate in May 2024, despite being blessed with fertile land.
The onus is now on Biodun Oyebanji, the state governor, to find a way to harness the rich agricultural economy of the state to bring down food prices.
Other top 10 states with highest food inflation rate is in table below:
| Rank | State | Food inflation rate May 2024 |
| 3rd | Kwara | 44.66% |
| 4th | Osun | 44.57% |
| 5th | Edo | 44.42% |
| 6th | Enugu | 44.42% |
| 7th | Imo | 44.32% |
| 8th | Cross River | 44.24% |
| 9th | Abia | 44.02% |
| 10th | Akwa Ibom | 43.83% |
Expert speaks
Reacting to the inflation rate figures and their impact on Nigerians, Emeka Ucheaga, technical assistant to the managing director/CEO at Credit Direct Limited, noted that everyone is feeling the impact.
He said:
"It’s a really difficult environment for everyone. No one honestly is spared in this economic hardship.
"The rich are battling with exchange rate negatively impacting their dollar net worth and the poor and middle class are getting all their income squeezed by rising prices. Interest rates are higher right now to encourage savings and slow down consumption but it’s had to save in this environment. We have not seen inflation this high since the mid 1990s so this is uncharted terrain for millions of Nigerians today.
"Inflation today is not just taking all of your income and savings, it’s also taking jobs. Lots of businesses that have seen cost of production rise due to higher inflation are cutting jobs to keep profit margins from going negative."
Rice prices for different brands
Legit.ng earlier revealed that the market prices of 50kg bags of top rice brands are fast becoming unaffordable for most citizens.
For example, some retailers in Nigeria have reported that the price of Mama Gold Rice has risen to about N78,500 in Lagos.
A 50kg bag of Stallion brand sells for N77,000 to N80,000, depending on the location and grain type.
PAY ATTENTION: Stay Informed and follow us on Google News!
Source: Legit.ng
