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- At nearly 34%, inflation in Nigeria is at a 28-year high
- Food inflation surged to 40.66% in May
- State may temporarily suspend food import duties
Nigerians are facing steep increases in food prices as inflation figures hit record highs. In May 2024 food inflation increased to 40.66%, almost 16 percentage points higher than the May 2023 inflation rate of 24.82%.
Headline inflation (covering all consumer goods) increased to 33.95% according to the National Bureau of Statistics (NBS). This is a 28-year high not seen since March 1996.
NBS said increases in the prices of semovita, oatflake, yam flour, garri, beans, Irish potatoes and yams contributed to the year-on-year increase in the food inflation rate. Meat, cooking oil and non-alcoholic beverages have also contributed.
Some relief may be on the horizon, Bloomberg reports. The government may suspend import duties on food staples as well as drugs and other essential items for 6 months to slow inflation. Authorities are also in talks with labour unions to increase the minimum wage.
— 17 June, 2024Subscribe to the weekly newsletter for more charts like this
