Lagos, Kwara on List of States With Highest, Lowest Food Inflation Rate in Nigeria
- For the third consecutive time in March 2023, Nigeria's inflation rate has increased due to several factors
- Food inflation is one of the key metrics to measure Nigerians' standard of living, which rose to 24.45%
- Data shows that Kwara and Lagos were among the states that recorded the highest inflation rate on a year-on-year basis
The National Bureau of Statistics (NBS) has revealed that Nigeria's inflation rate rose by 22.04% on a year-on-year basis in March 2023, making it the highest in over 17 years.
During the cash scarcity challenges in February, Nigeria's headline inflation rate stood at 21.91%.
NBS stated this in its latest consumer price index report published on its website.
Source: Facebook
Why did the inflation rate for increased?
According to NBS, the key contributors to March inflation rates are food & non-alcoholic beverages (11.42%); housing, water, electricity, gas & other fuel (3.69%); clothing & footwear (1.69%); transport (1.43%); furnishings, household equipment & maintenance (1.11%).
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Others are education (0.87%); health (0.66%); miscellaneous goods & services (0.37%); restaurant & hotels (0.27%); alcoholic beverage, tobacco & kola (0.24%); recreation & culture (0.15%) and communication (0.15%).
Food inflation rate in Nigeria
In March, the NBS report revealed that Nigeria's food cost had reached its highest level in 17 years, Punch reports.
The report stated that on a year-on-year basis, food inflation for March stood at 24.45%, representing an increase of 7.25% points compared to the rate recorded in March 2022, with the rise being attributed to increases in prices of Oil and fat, Bread and cereals, Potatoes, Yam and other tubers, Fish, Fruits, Meat, Vegetables, and Spirits.
The report also highlighted that on a month-on-month basis, the food inflation rate for March 2023 was 2.07%, which was 0.16% higher than the rate recorded in February 2023 (1.90%).
States with the highest food inflation rate
- Kwara - 28.84%
- Imo - 27.84%
- Lagos - 27.92%
- Ondo - 28.22%
- Kogi - 26.79%
- Ekiti - 26.44%
- Osun - 26.45%
- Akwa Ibom - 26.13%
- Abia - 25.93%
- Bayelsa - 26.59%
Top 10 states with the lowest inflation rate
- Sokoto - 18.99%
- Zamfara - 20.57%
- Plateau - 21.38%
- Bauchi - 21.83%
- Borno - 22.41%
- Gombe - 22.04%
- Anambra - 22.04%
- Niger - 22.55%
- Adamawa - 22.43%
- Taraba - 23.25%
Legit.ng weekly price check: Rice sellers groan as bag sells for N32,000 in popular Lagos market
The rise and fall of food prices have become the new normal in the Lagos market.
Whilst the politicians are busy with the forthcoming general election in 2023, traders and buyers are worried about the current market condition.
This week's food prices have increased by over 5% at the market as some are unavailable.
Source: Legit.ng
