The National Bureau of Statistics (NBS) has revealed that the food inflation rate increased again in the month of June 2024.
According to NBS, June food inflation rate rose to 40.87% on a year-on-year basis, marking a significant increase of 15.62 percentage points from the 25.25% recorded in June 2023.
On a month-on-month basis, food inflation climbed to 2.55% in June 2024, reflecting a 0.26 percentage point increase from the 2.28% recorded in May 2024, Punch reports.
NBS disclosed this in its consumer price report for June 2024 published on its website and obtained by TimesNow.com.ng.
Inflation is the rate of increase in prices over a given period of time
The report stated that the sharp rise in food inflation was caused by key staples including millet whole grain, garri, and guinea corn within the bread and cereals class, as well as yam, water yam, and coco yam in the potatoes, yam, and other tubers class.
Others are groundnut oil and palm oil prices within the oil and fats class, along with catfish dried, dried fish-sardine, and mudfish in the fish class, contributed to the inflationary pressures.
Furthermore, NBS noted:
TimesNow.com.ng earlier revealed that the market prices of 50kg bags of top rice brands are fast becoming unaffordable for most citizens.
For example, some retailers in Nigeria have reported that the price of Mama Gold Rice has risen to about N78,500 in Lagos.
A 50kg bag of Stallion brand sells for N77,000 to N80,000, depending on the location and grain type.
Source: TimesNow.com.ng
