Politics
Breaking: Rising Food Prices Compound Feeding Expenses With A 32.84% Inflation Spike
Breaking: Rising Food Prices Compound Feeding Expenses With A 32.84% Inflation Spike....KINDLY READ THE FULL STORY HERE▶
In November, the cost of feeding in Nigeria became even more challenging as food inflation reached a staggering 32.84%, according to the latest Consumer Price Index report from the National Bureau of Statistics. The headline inflation also surged from 27.33% in October to 28.20% in November.
The states experiencing the highest spikes in food prices were Kogi, Kwara, and Rivers, with food inflation rates soaring to 41.29%, 40.72%, and 40.22%, respectively. This marked an 8.72 percentage point increase compared to November 2022. The report identified key contributors to the rising food prices, including increases in the costs of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables, and coffee, tea, and cocoa.
On a month-on-month basis, food inflation in November 2023 rose by 2.42%, indicating a 0.51% increase compared to October 2023. The average annual rate of food inflation for the twelve months ending November 2023 was 27.09%, reflecting a significant 6.68 percentage points increase from November 2022. Notably, Bauchi, Borno, and Jigawa recorded the lowest food inflation rates at 26.14%, 27.34%, and 27.63%, respectively.
Overall, Nigeria’s inflation rate continued its upward trend in November, reaching an 18-year high. Headline inflation increased by 0.87 percentage points, totaling 28.20% compared to October 2023. The year-on-year headline inflation rate was 6.73 percentage points higher than November 2022, indicating a persistent upward trajectory.
Contrary to recent claims by the Central Bank of Nigeria suggesting a slowdown in month-on-month inflation, the report revealed a 2.09% month-on-month increase in headline inflation in November, surpassing the 1.73% recorded in October.States with the highest inflation rates included Kogi (33.28%), Lagos (32.30%), and Rivers (32.25%), surpassing the national average. Conversely, Borno (22.47%), Katsina (24.91%), and Plateau (25.53%) had comparatively lower rates.
The removal of fuel subsidy and the foreign exchange rate unification policy were identified as key factors contributing to the recent surge in inflation. The World Bank, in its December update, emphasized the need for targeted cash transfers to mitigate the impact on vulnerable households and advocated for a holistic approach involving tighter fiscal and monetary policies.
The World Bank projected a reversal of the rising poverty trend in the medium term through reforms but acknowledged the necessity of accelerated monetary policy tightening to achieve a decline in inflation rates beyond 2024.
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Source: Bushradiogist
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