The reduction in the prices of Yam, Irish Potatoes, Vegetable oil and others have pushed Nigeria’s food inflation to a decrease on a month-on-month basis to 37.52 percent in August 2024 from 39.53 percent in July.
The National Bureau of Statistics disclosed this in its August inflation data released on Friday.
This showed a 0.10 percent decrease in the country’s food inflation rate on a month-on-month basis to 2.37 percent compared to the rate recorded in July 2024 (2.47 percent).
“The fall can be attributed to the decline in the rate of increase in the average prices of Tobacco, Tea, Coco, Coffee, Groundnut Oil, Milk, Yam, Irish Potatoes, Water Yam, Cassava Tuber, Palm Oil, Vegetable etc.
“The average annual rate of food inflation for the twelve months ending August 2024 over the previous twelve-month average was 36.99 percent, which was an 11.98 percent increase from the average annual rate of change recorded in August 2023 (25.01 percent)”.
This is the second consecutive time Nigeria’s food inflation dropped in the last two months.
The development comes as the country’s headline inflation also declined to 32.15 percent in August 2024.
Nigeria’s inflation rate declines for second consecutive month in August
Despite the inflation decline, Nigerians have lamented that the figure released by NBS does not reflect on market realities.
Yams, potatoes price reduction push Nigeria’s food inflation to 37.52% decrease
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