Top 10: Nigeria Takes Position Among Countries With Highest Food Inflation in the World

• The inflation of domestic food prices is still strong, according to a recent World Bank research.
• The rise of food prices across the country outpaced the overall inflation rate in 46.7% of the 167 nations
• According to the report, the 10 countries with the highest food price inflation, in real terms, include Nigeria and others

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

A recent World Bank research on domestic food price inflation, which is determined by comparing the rise in a nation's Consumer Price Index (CPI) for food items from year to year, is still significant.

The most recent month for which food price inflation data are available, which was February through May of 2024, revealed substantial inflation in a large number of low- and middle-income nations, with inflation above 5% in 59.1% of low-income nations.

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Similarly, the report indicated a 63% higher in lower-middle-income countries, 36% of upper-middle-income countries (5% points higher), and 10.9% of high-income countries (3.6% points lower).

In real terms, food price inflation exceeded overall inflation (measured as year-on-year change in the overall CPI) in 46.7% of the 167 countries for which the food CPI and overall CPI are both available.

Using the latest month for which data are available between February and May 2024, the report spotlighted the 10 countries with the highest real-term food price inflation.

The food inflation for each country is based on the latest month from February to May 2024 for which the food component of the Consumer Price Index (CPI) and overall CPI data are available.

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Inflation report shows cheapest, most expensive food

Legit.ng reported that the price of rice has risen again after falling marginally in April 2024 to N72,000 per 50kg bag as the naira strengthened against the US dollar.

A previous report by Legit.ng revealed that the price of parboiled rice dropped for the first time this year in April, which relieved families and reduced living standards across the country.

A market survey across Lagos and significant cities shows that in four months, the price of a 50kg bag of rice has decreased by 20%, from an average of N90,000 to N72,000.

Source: Legit.ng