The National Bureau of Statistics (NBS) has explained the contributory factors to the food inflation in the month of March, 2024 which increased to 40.01 percent as against 24.45 percent in March, 2023.
NBS noted that in comparison to the previous year, the percentage increase is 15.56 percent and was caused by caused by increases in prices of the following
items Garri, Millet, Akpu
Uncooked Fermented (which
are under the Bread and
Cereals
class), Yam Tuber, Water Yam
(under Potatoes, Yam, and
other Tubers class), Dried Fish
Sadine, Mudfish Dried (under
Fish class), Palm oil, Vegetable
oil (under oil and Fat), Beef
Feet, Beef Head, Liver (under
Meat class), Coconut, Water
Melon (under Fruit Class), Lip-
ton Tea, Bournvita, Milo
(under Coffee, Tea and Cocoa
Class) .
It further disclosed that In March 2024, the headline
inflation rate increased to 33.
20% relative to the February
2024 headline inflation rate
which was 31.70%. The NBS in its Consumer Price Index (CPI) for the month of March, 2024, also showed that the Food & Non-Alcoholic Beverages prices took a lion share of 17.20 percent contributions to the cause of the inflation.
In the case of Urban inflation, NBS stated: “On a year-on-year basis, in
the month of March 2024,
the Urban inflation rate was
35.18%, this was 12.11% points
higher compared to the 23.
07% recorded in March 2023.
On a month-on-month basis,
the Urban inflation rate was 3.17% in March 2024, this was
0.0001% points marginally and
insignificantly lower compared
to February 2024 (3.17%) .
“The
corresponding twelve-month
average for the Urban inflation
rate was 28.96% in March
- This was 7.96 %points
higher compared to the 21.00% reported in March 2023.”
In respect of the Rural inflation, rate in
March 2024 was 31.45% on a
year-on-year basis which was
10.37% higher compared to
the 21.09% recorded in
March 2023.
While on a month-on-
month basis, the Rural inflation rate in March 2024 was
2.87%, down by 0.20% points
compared to February 2024
(3.07%) . The corresponding
twelve-month average for the
Rural inflation rate in March
2024 was 25.50% . This was 5.
71% higher compared to the
19.79% recorded in March
2023.
