Top Five States with Highest Food Inflation in May

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Crucial Insights on Food Inflation Across Nigerian States


Kogi, Ekiti, Kwara, Osun, and Edo states recorded the highest food prices in May 2024, according to a detailed BusinessDay analysis of the latest Consumer Price Index (CPI) report from the National Bureau of Statistics (NBS). These findings highlight the pressing challenges faced by these states in controlling food inflation amidst broader economic pressures.


Kogi: The Epicenter of Food Inflation

Leading the list, Kogi's average food inflation rate reached an alarming 46.3 percent. This sharp rise is attributed to persistent clashes between herders and farmers, significantly disrupting agricultural productivity. In May 2024, the average cost of food in Kogi surged to N1,114, a stark increase from N761 in May 2023. On a month-to-month basis, prices also climbed by 1.78 percent from N1,094 in April 2024.


Ekiti: Struggling with Rising Costs

Ekiti State experienced a substantial increase in food inflation, marked by a 44.94 percent rise on a year-over-year basis. The cost of food soared to N976 in May 2024 from N674 in May 2023. Month-to-month, prices rose by 1.97 percent, reaching N956.1 in April 2024, indicating severe challenges for residents amid escalating food prices.


Kwara: Surging Inflation Concerns


Kwara recorded a 44.66 percent year-over-year increase in food prices. The state's food inflation grew to N1,053 in May 2024 from N728 in the same period of 2023. On a month-to-month basis, the prices saw a 1.23 percent increase from N1,040 in April 2024. This notable rise reflects ongoing economic pressures impacting household budgets.


Osun: Rising Inflationary Pressures


Osun State's food inflation rate rose to 44.57 percent year-over-year, marking it as the fourth highest in Nigeria for May 2024. The average cost of food climbed to N949 in May 2024 from N657 in May 2023. On a month-to-month basis, food prices increased slightly by 0.02 percent from N924 in April 2024, underscoring the persistent inflationary challenges faced by residents.


Edo: Persistent Price Increases

Edo State saw its food inflation rate rise to 44.46 percent in May 2024, with the average food cost hitting N957, up from N675 in May 2023. Month-to-month, prices grew by 2 percent from N956 in April 2024. The persistent insecurity affecting farming activities has further exacerbated the inflationary trends in the state.


These findings underscore the urgent need for targeted policy interventions to address the root causes of food inflation. Effective measures are necessary to ensure stability in food prices and support for the agricultural sector across these affected states.


Source: BusinessDay analysis based on the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report.



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