Nigeria’s food inflation surges by 40.01% in March – NBS


Nigeria’s food inflation surged to 40.01 per cent annually, which is 15. points higher compared to the rate recorded in the corresponding month last year.

The National Bureau of Statistics, NBS, disclosed this in its latest consumer price index and inflation report.

The figure showed that the country’s inflation surged by 3.62 per cent compared to the 37.92 per cent recorded in February.

According to NBS, the year-on-year increase in food inflation was propelled by a rise in the prices of items such as Garri, Millet, Akpu Uncooked Fermented (which are under the Bread and Cereals class), Yam Tuber, Water Yam (under Potatoes, Yam, and other Tubers class), Dried Fish Sadine, Mudfish Dried (under Fish class), Palm Oil, Vegetable Oil (under Oil and Fat), Beef Feet, Beef Head, Liver (under Meat class), Coconut, Water Melon (under Fruit Class), Lipton Tea, Bournvita, Milo (under Coffee, Tea and Cocoa Class).

Earlier, Saga Gist reported that headline inflation rose to 33.20 per cent.

The development comes amid the recent 240 per cent hike in electricity tariff for band A customers.

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