In Nigeria, the prices of key food items such as yam and Irish potatoes, alongside vegetable oil, have influenced a reduction in the food inflation rate to 37.52 percent in August 2024, down from 39.53 percent in July, as reported by the National Bureau of Statistics. This marks a month-on-month decrease of 0.10 percent, bringing the food inflation rate to 2.37 percent compared to July's 2.47 percent. The bureau highlighted that this decrease is due to the reduced rate of price increases across various food products, including tobacco, tea, cocoa, coffee, groundnut oil, milk, and several tuber crops.
Additionally, the average annual rate of food inflation for the twelve months ending August 2024 rose to 36.99 percent, up by 11.98 percent from the previous year's average. This reduction in food inflation is concurrent with a drop in the country's headline inflation to 32.15 percent in August 2024, marking the second consecutive month of decline. However, public sentiment suggests that these figures do not accurately reflect market prices.
Source: Platform Times