Nigerians are finding it more difficult to feed themselves, as food inflation rose to 40.66 per cent in May.
This was as the cost of food rose by 61 per cent from 25.25 per cent in June 2023 to 40.66 per cent in May 2024, highlighting a steady rise in the cost of living.
This is according to an analysis of the latest Consumer Price Index and Inflation report released by the National Bureau of Statistics.
The CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living.
On Saturday, the NBS disclosed that headline inflation moved by 0.26 per cent to 33.95 per cent from 33.69 per cent recorded in April.
The report noted that the inflation rate climbed to a 28-year high since March 1996 on higher food and transport prices.
It said, “In May 2024, the headline inflation rate increased to 33.95 per cent relative to the April 2024 headline inflation rate which was 33.69 per cent.”
The statistics agency also reported major contributing items to headline inflation in May 2024 including food & non-alcoholic beverages (contributing 17.59 per cent), housing, water, and electricity, gas & other fuel (contributing 5.68 per cent), and clothing & footwear (contributing 2.60 per cent).
A breakdown of the data showed that the price of food commodities increased steadily from 25.25 per cent in June, to 26.98 per cent in July, 29.34 per cent, 30.64 per cent in August, 31.52 per cent in September, 31.52 per cent October, 32.84 per cent in November and 33.93 per cent as the end of December 2023.
The rate further increased to 35.41 per cent in January, 37.92 per cent in February, crossed the 40 per cent mark in March, 40.53 per cent in April and 40.66 per cent in May.
NBS said the rate rose to 40.66 per cent in May, compared to the 24.82 per cent reported in the same month last year — indicating an increase of 15.84 per cent points.
The bureau said semovita, oatflake, yam flour prepackage, garri, bean, etc (which are under bread and cereals class), Irish potatoes, yam, water yam, etc (under potatoes, yam and other tubers class), contributed to the year-on-year increase in the food inflation rate.
Other contributors are palm oil, vegetable oil, etc (under oil and fat), stockfish, mudfish, crayfish, etc (under fish class), beef head, chicken-live, pork head, and bush meat (under meat class).
