Nigeria’s Food Inflation Hits 23.34% in September 2022

Food inflation in Africa’s largest economy Nigeria hits a record 23.34% in September 2022, according to the latest report from the National Bureau of Statistics (NBS).

This was 3.77% higher when compared to the 19.57% recorded in September 2021. Increases in food inflation were recorded in bread, cereals, potatoes, yam, oil, fats and other tubers.

On a monthly basis, the food inflation rate grew by 1.43% in September 2022, recording a decrease of 0.54% compared to the 1.98% recorded in the previous month.

Over the period of twelve months, between September 2021 to September 2022, the average annual rate of food inflation stood at 19.36%, a decline of 1.35% from the average annual rate of 20.71% recorded in September 2021.

Oil theft and other insecurity issues amid low foreign revenue generation and supply disruptions caused by recent floods including a weak Naira continue to increase the price of food items.

Speaking on how insecurity in Nigeria has resulted in food inflation, the Minister of Agriculture and Rural Development, Mahmood Abubakar said terrorist attacks on herders have stopped some farmers from going to their farms, especially in the north-west and north-central regions of the country.

The continuous Russia-Ukraine crisis has also caused a strain on the food supply system as wheat and other imports from Ukraine are not expensive or inaccessible, even with cash availability.

Meanwhile, Nigeria’s headline inflation jumped to a record high of 20.77% in September 2022, the highest the country has recorded in 17 years.