Food prices rose substantially in the month of April as food inflation soared to 24.61% on a year-on-year basis, marking a substantial 6.24% point increase compared to the rate recorded in April 2022, which stood at 18.37%.
The sharp rise in food inflation was driven by notable price increases across various essential food items, including Oil and fat, Bread and cereals, Fish, Potatoes, Yam and other tubers, Fruits, Meat, Vegetable, and Spirits.
On a month-on-month basis, the food inflation rate in April 2023 reached 2.13%, representing a 0.06% point increase compared to the rate recorded in March 2023, which stood at 2.07%. These numbers indicate that food prices continued to climb, exerting additional pressure on consumers’ wallets.
Analyzing the average annual rate of food inflation for the twelve months ending in April 2023 over the previous twelve months’ average, the figures stood at 23.22%. This demonstrates a considerable 4.35% point increase from the average annual rate of change recorded in April 2022, which was 18.88%.
The rise in food inflation reflects the challenges faced by consumers as they grapple with the increasing costs of essential food items.
The contributing factors to this surge in food prices include higher prices for oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetables, and spirits. These price increases across multiple categories have significantly impacted the overall food inflation rate.
The sharp uptick in food prices is concerning for households already struggling with rising costs of living. As the kitchen becomes increasingly expensive, consumers face challenges in maintaining their purchasing power and affording essential food items.
The elevated food inflation rate also underscores the need for policymakers and stakeholders to address the underlying factors driving these price hikes.