According to the latest data updated on 15 May 2024, Nigeria's food inflation rate saw a subtle increase in April, rising to 40.53% from 40.01% in March 2024. This increase represents a year-over-year comparison measured against the same months in the previous year.
In March, the food inflation rate was at a significant high of 40.01%. The marginal rise to 40.53% in April highlights the ongoing challenges facing Nigeria’s food sector, driven by various economic pressures and supply chain disruptions.
This data indicates that while the inflation rate has stabilized to some degree, the food crisis remains a critical issue. Policymakers and stakeholders are expected to double their efforts to mitigate the impacts of rising food prices on the population, ensuring that essential commodities remain accessible to the citizens.
