NAIRAMETRICS
With food inflation at 32.84%, Nigerians are struggling to cope with the rising cost of food items in the country.
The most recent National Bureau of Statistics (NBS) report shows that for November 2023, the year-on-year Food inflation rate was an increase of 8.72% points from the November 2022 rate of 24.13%.
The yearly spike in food inflation was driven by higher prices in categories such as Bread and Cereals, Oil and Fat, Potatoes, Yam and Other Tubers, Fish, Fruit, Meat, Vegetables, Coffee, Tea, and Cocoa.
On a month-on-month basis, the Food inflation rate for November 2023 was 2.42%, which was a 0.51% increase compared to the October 2023 rate of 1.91%.
The monthly increase in food inflation was linked to a rise in the rate of average prices for Bread and Cereals, Oil and Fat, Meat, Coffee, Tea, Cocoa, Potatoes, Yam, and Other Tubers.
Nairametrics earlier reported that the average cost of getting food and drinks has increased by 92.73% in the past three years.
Also, the cost of cooking a meal as the year ends is about 73% of the minimum wage for average Nigerian households as inflation bites hard.
Top 10 food items with highest price increase
As Nigerians brace up for a new year, here are the top 10 food items that have recorded the highest price increase in one year as of November 2023, according to the latest selected food price report of the NBS.
10. Chicken Feet
- This is the least on the list. The average price of chicken feet rose by 70.46% year-on-year from N1,050.73 for 1kilo in November 2022 to N1,791.10 by November 2023. The monthly increase was 21.76% from N1,470.99 recorded in October 2023. Also, the highest price was recorded in Delta (N2,725 per kilo) while the lowest was in Abuja (N725) as of November 2023.
9. Broken Rice (Ofada)
- The average price of Ofada rice (broken) rose by 71.04% year-on-year from N549.67 for 1kg in November 2022 to N940.16 by November 2023.
- The monthly increase was 15.81% from N811.83 recorded in October 2023. Also, the highest price was recorded in Ogun (N1,668.83 per kg) while the lowest was in Zamfara (N686.67) as of November 2023.
8. Evaporated tinned milk carnation
- The average price of Evaporated tinned milk carnation 170g rose by 71.57% year-on-year from N273.78 in November 2022 to N469.73 by November 2023.
- The monthly increase was 2.73% from N457.26 recorded in October 2023. Also, the highest price was recorded in Ebonyi (N530.9) while the lowest was in Kogi (N390) as of November 2023.
7. Rice locally sold loose
- The average price of Rice locally sold loose rose by 73.16% year-on-year from N500.80 for 1kg in November 2022 to N867.18 by November 2023. The monthly increase was 5.83% from N819.42 recorded in October 2023. Also, the highest price was recorded in Lagos (N1,122.42 per kg) while the lowest was in Kebbi (N688) as of November 2023.
6. Maize grain white sold loose
- The average price of maize grain white sold loose rose by 75.34% year-on-year from N317.86 for 1kg in November 2022 to N557.33 by November 2023. The monthly increase was 1.52% from N548.96 recorded in October 2023. Also, the highest price was recorded in Rivers (N 799.37 per kg) while the lowest was in Bauchi (365.37) as of November 2023.
