JUST IN: Full List: 10 States With Highest Rise in Food Prices in Nigeria As Families Struggle To Eat

Full List: 10 States With Highest Rise in Food Prices in Nigeria As Families Struggle To Eat

A new report from has revealed the list of states in residents are experience fastest increase in pricesBased o the report data shows the prices of food items have significantly highlighting the struggles of households to feed and survive on a monthly basis, Rivers, Kwara lead the table of states with the highest rise in food prices across the country

Henzodaily.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The (NBS) has revealed that the food rate in February 2024 was 37.92% on a year-on-year basis.

This is 13.57% points higher compared to the rate recorded in February 2023 (24.35%).

Buying food is getting more expensive for
Photo credit: NBS
Source: Getty Images

On a month-on-month basis, the Food inflation rate in February 2024 was 3.79% this was 0.58% higher compared to the rate recorded in January 2024 (3.21%).

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The statistics body disclosed this in its consumer price report for January 2024 published on its website.

Breakdown of state food price changes

The report stated that the rise in food inflation on a year-on-year basis was caused by increases in prices of and cereals, potatoes, yam and other tubers, fish, oil and fat, meat, fruit, coffee, tea, and cocoa.

NBS added:

“The rise in the Food inflation on a Month-on-Month basis was caused by a rise in the rate of increase in the average prices of Bread and Cereals, Potatoes, Yam & Other Tubers, Fish, Coffee, Tea, and Cocoa.

“The average annual rate of Food inflation for the twelve months ending February 2024 over the previous twelve-month average was 30.07%, which was a 7.95% points increase from the average annual rate of change recorded in February 2023(22.12%).”

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Top 10 states with highest rise in food inflation

Kogi 46.32%Rivers 44.34%Kwara 43.05%Imo 42.99%Ebonyi 41.63%Osun 41.88%Abia 41.04%Akwa Ibom 41.44%Ondo 41.42%Delta 40.83%

Expert reveals those behind high food prices

In another report, the trade and agriculture ministries have been urged to tackle imbalances in the value chain and promote fairness in the nation's practices.

This plea also emphasises the need for cooperation among various stakeholders, urging entities to take action against anti-competitive behaviours.

Discussions are underway regarding cartels believed to be behind unjust pricing of vital food products in Nigerian markets.

Source: Henzodaily.ng

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