Nigeria’s inflation nears 34% despite fall in monthly food price growth

Nigeria saw its inflation rate rise to 33.95 percent in May from 33.69 percent in the previous month, new data released on Saturday shows.

The food inflation rate was 40.66 percent, up from 40.01 percent in April, according to the National Bureau of Statistics.

“The rise in food inflation on a year-on-year basis was caused by increases in prices of the following items: Semovita, Oatflake, yam flour prepackage, garri, bean, etc. (which are under bread and cereals class), Irish potatoes, yam, water yam, etc. (under potatoes, yam and other tubers class), palm oil, vegetable oil, etc (under oil and fat), stockfish, mudfish, crayfish, etc. (under fish class), beef head, chicken-live, pork head, bush meat, etc (under meat class),” it said. 

The month-on-month food inflation rate in May was 2.28 percent, indicating a decrease compared to 2.50 percent in April. 

“The fall in the food inflation on a month-on-month basis was caused by a fall in the rate of increase in the average prices of palm oil, groundnut oil (under oil and fats class), yam, Irish potatoes, cassava tuber (under potatoes, yam and other tubers class), wine, Bournvita, Milo, Nescafe (under Coffee, Tea and Coco Class),” the NBS said.