The National Bureau of Statistics (NBS) has revealed that food inflation dropped by 0.17 per cent in March, just as the value of the Nigerian Naira continues to strengthen in the forex market.
In its latest consumer price index report released on Monday, the Statistics Bureau disclosed that on a month-on-month basis, food inflation dropped by 0.17 per cent in March.
According to the report, the drop in food inflation was caused by a drop in the rate of increase
in the average prices of Guinea corn flour, Plantain Flour
The report read, “On a month-on-month basis, the Food inflation rate in March 2024 was 3.62%, which
shows a 0.17% decrease compared to the rate recorded in February 2024 (3.79%).
“The fall in Food inflation on a Month-on-Month basis was caused by a fall in the rate of increase
in the average prices of Guinea corn flour, Plantain Flour etc (under Bread and Cereals
class), Yam, Irish Potatoe, Coco Yam (under Potatoes, Yam & Other Tubers class), Titus
fish, Mudfish Dried (under Fish class), Lipton, Bournvita, Ovaltine (under Coffee, Tea and
Cocoa class).
“The average annual rate of Food inflation for the twelve months ending March 2024 over
the previous twelve-month average was 31.40%, which was 8.69% points increase from
the average annual rate of change recorded in March 2023 (22.72%).”
However, despite a drop in food inflation, Nigerians have continued to lament over the soaring prices of food.
The latest report comes just as the value of the Nigerian naira continues to strengthen in the forex market.
