The National Bureau of Statistics (NBS) has stated that the food inflation rate in July dropped to 39.53 per cent, compared to 40.87 per cent in June.
It however said on a year-on-year basis, the July figure was 12.55 per cent points higher compared to the 26.98 per cent inflation rate recorded in July 2023.
The NBS in the Consumer Price Index (CPI) published on Thursday, said the rise in food inflation on a year-on-year basis was caused by increases in prices of the following items Semovita, Yam Flour (Prepacked), Wheat Flour (Prepacked), etc (Bread and Cereals Class), Yam, Irish Potatoes, Water Yam, etc (Potatoes, Yam & Other Tubers Class), Groundnut Oil, Palm Oil, etc (Oil & Fats Class) and Milo, Bournvita, Ovaltine (Coffee, Tea & Cocoa Class), among others.
“On a month-on-month basis, the food inflation rate in July 2024 was 2.47% which shows a 0.08% decrease compared to the rate recorded in June 2024 (2.55%),” it added.
The bureau attributed the decline in food inflation to the decline in the average prices of tin milk, baby powdered milk, etc, fish, date palm fruit (Dabino), watermelon, garri, akpu (fufu) etc.
Others are exercise books, textbooks, turkey meat, and minced pork.
“The average annual rate of Food inflation for the twelve months ending June 2024 over the previous twelve-month average was 36.36%, an 11.90% points increase from the average annual rate of change recorded in July 2023 (24.46%),” the bureau added.
The report also said Sokoto (46.26 percent), Jigawa (46.05 percent), and Enugu (44.06 percent) states spent more on food in June, while Adamawa (33.48 percent), Bauchi (35.10 percent) and Benue (36.41 percent), recorded the slowest rise in food inflation on a year-on-year basis.
Conversely, Borno (5.07%), Sokoto (4.99%), and Enugu (4.17%) states had the highest food inflation month-on-month.
NBS said Kwara with (0.51 percent), Taraba (0.56 percent), and Ondo (0.68 percent) states recorded the slowest rise in food inflation on a month-on-month basis.
