The prices of several food items in Nigeria have seen a reduction, leading to a slight decrease in the country’s food inflation rate.
In July 2024, Nigeria’s food inflation fell to 39.53 percent, down from 40.87 percent in June 2024. This drop in inflation reflects the recent changes in the cost of essential food products.
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According to the Consumer Price Index and Inflation data released by the National Bureau of Statistics (NBS) on Thursday, the decrease in food inflation is linked to lower prices for various staples, including Garri, Akpu (fufu), milk, and several other items.
On a month-on-month basis, Nigeria’s food inflation rate in July 2024 was recorded at 2.47 percent, showing a slight decrease of 0.08 percent compared to the 2.55 percent rate reported in June 2024. This indicates that while inflation remains high, the pace of price increases has slowed somewhat
The NBS attributes the decline in food inflation to the reduction in average prices of several key food items. This trend has provided some relief to consumers who have been grappling with high food costs.
Among the items that have seen price reductions are Garri and Akpu (fufu), both of which are staples in many Nigerian households. The decrease in these prices is particularly significant, as these foods are widely consumed across the country.
In addition to Garri and Akpu, the prices of tin milk and mudfish have also dropped, contributing to the overall reduction in food inflation. Fresh fish, another essential protein source, has seen a similar trend, further easing the financial burden on consumers.
Other items that have experienced price decreases include date palm fruit, watermelon, turkey meat, and minced pork. The reduction in these prices has contributed to the broader decline in food inflation, offering some relief to Nigerian families.
Despite the month-on-month decrease in food inflation, the year-on-year figures tell a different story. Julyโs food inflation rate was 12.55 percent higher than the rate recorded in the same month last year, highlighting the persistent challenges in controlling food prices.
