Top Nigerian Food Items With High Food Prices in March as Inflation Rises to 24.23 Per Cent
- According to the National Bureau of Statistics (NBS), Nigeria’s inflation rate rose to 24.23% in March, driven by food inflation
- The NBS report also indicated food items responsible for the spike in prices, including yellow garri and ofada rice, among others
- The report disclosed that the price of food commodities rose in Oyo at 34.41%, Kaduna at 31.14%, and Kebbi at 30.85%
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Nigeria’s headline inflation has risen to 24.23% in March 2025.
Data from the National Bureau of Statistics (NBS) shows that the increase was due to the rise in prices of fresh ginger, yellow garri, ofada rice, natural honey, crabs, potatoes, plantain flour, unshelled periwinkle, and fresh pepper.
Inflation spikes by 1.05% in March
The NBS report disclosed that the inflation rate rose marginally by 1.05% from 23.18% in February.
Reports say this will be the first time inflation has risen since the national statistics body rebased the Consumer Price Index (CPI).
According to the NBS, food inflation recorded a 21.79% yearly increase, but monthly analysis shows a 0.50% rise from 2.18% to 1.67% recorded in February this year.
NBS said that monthly, the headline inflation rate in March 2025 was 3.90%, representing 1.85% higher than in February at 2.04%.
The development means that in March, the rate of increase in the average price level was higher than the rate of increase in the previous month.
States with the highest inflation
Daily Trust quoted the NBS as saying that contributions on the divisional level are food and non-alcoholic beverages at 9.28%, restaurants and accommodation services at 2.99%, transport at 2.47%, housing, water, electricity, gas and other fuels at $1.95%, education services at 1.44%, and health at 1.40%.
The NBS data disclosed that the price of food commodities rose in Oyo at 34.41%, Kaduna at 31.14%, and Kebbi at 30.85%, relative to the same period last year.
States with the lowest inflation
However, Bayelsa, Adamawa, and Akwa Ibom recorded the slowest increases in food prices in the review period.
Every month food prices rose highest in Oyo at 19.74%, Kaduna at 17.24%, and Kebbi at 30.74%.
Akwa Ibom recorded the lowest food prices at 12.81%, Bayelsa at 14.02%, and Sokoto at 14.83%.
States with the highest and lowest food inflation
Per the NBS data, the all-items inflation rate per year was highest in Kaduna, Osun, and Kebbi states, while Akwa Ibom, Bayelsa, and Sokoto recorded the lowest rise in the yearly inflation figure.
Monthly, March saw the highest inflation increases in Kaduna, Osun, and Oyo, while Sokoto, Nasarawa, and Kwara states recorded the lowest increases in monthly inflation.
Source: Getty Images
Experts attributed the increase in headline inflation to volatility in Nigeria’s economy, citing the exchange rate as an example.
Dealers Crash Price of Rice by N20,000 Per 50kg Bag
Legit.ng earlier reported that the price of rice, a staple food, has crashed again after rising in March to over N80,000 per 50kg bag.
Findings by Legit.ng showed that sellers reduced the commodity price from N85,000 per 50kg bag to N65,000 as of Sunday, April 13, 2025.
Dealers who spoke exclusively with Legit.ng stated that the crash followed the general crash in cereal prices and other food items.
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Source: Legit.ng
