Kogi, Ekiti, and Kwara have the highest level of food inflation on the year-on-year basis analysis, Techeconomy can report.
According to the recently released National Bureau of Statistics report, in May 2024, Kogi led with (46.32%), while Ekiti had (44.94%), meanwhile Kwara (44.66%), Adamawa (31.72%), Bauchi (34.35%) and Borno (34.74%).
On the other hand, Borno (34.74%), recorded the slowest rise in Food inflation on a Year-on-Year basis.
However, on the Month-on Month analysis, for May 2024, food inflation was highest in Gombe with (4.88%), Kano (4.68%), and Bayelsa (3.62%), while Ondo (0.02%), Yobe (0.95%) and Adamawa (1.02%) recorded the slowest rise in Food inflation on a Month-on-Month basis.
The all-Items inflation rate on a Year-on-Year basis was highest in Bauchi (42.30%), Kogi (39.38%), and Oyo (37.73%), while Borno (25.97%), Benue (27.74%) and Delta (28.67%) recorded the slowest rise in Headline inflation on Year-on-Year basis.
The Food inflation rate in May 2024 was 40.66% on a year-on-year basis, which was 15.84% points higher compared to the rate recorded in May 2023 (24.82%).
The rise in food inflation on a year-on-year basis was caused by increases in prices of the following items: Semovita, Oatflake, Yam flour prepackage, Garri, and Bean, (which are under Bread and Cereals Class).
Others are; Irish Potatoes, Yam, Water Yam, etc (under Potatoes, Yam and other Tubers Class), Palm Oil, Vegetable Oil, etc (under Oil and fat), Stockfish, Mudfish, Crayfish, (under Fish class), Beef Head, Chicken-live, Pork Head, Bush Meat, (under Meat class).
The month-on-month Food inflation rate in May 2024 was 2.28%, which also shows a decrease of 0.22% compared to the rate recorded in April 2024 (2.50%).
The fall in the Food inflation on a Month-on-Month basis was caused by a fall in the rate of increase in the average prices of Palm Oil, Groundnut Oil (under Oil and Fats Class), Yam, Irish Potato, Cassava Tuber (under Potatoes, Yam & Other Tubers Class), Wine, Bournvita, Milo, Nescafe (under Coffee, Tea and Coco Class)
The average annual rate of foodinflation for the twelve months ending May 2024 over the previous twelve-month average was 34.06%, which was 10.41% points increase from the average annual rate of change recorded in May 2023 (23.65%).
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