LAGOS , Nigeria (VOICE OF NAIJA)-The National Bureau of Statics (NBS), in its March report released on Monday, disclosed that food prices surged to 40.01 per cent higher than the rate (24.45 per cent) recorded in March 2023.
According to the bureau, food inflation has continue to multiply on a yearly basis due to the increase in the price of mudfish dried (under fish class), palm oil, vegetable oil (under oil and fat), beef feet, beef head, liver (under meat class), coconut, watermelon (under fruit class), Lipton tea, bournvita, milo (under coffee, tea and cocoa class).
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Other items included in the hike cost are prices of garri, millet, Akpu uncooked fermented (which are under the bread and cereals class), yam tuber, water yam (under potatoes, yam, and other tubers class), dried fish sardine on a month-on-month basis.
“The food inflation rate in March 2024 was 3.62 per cent, which shows a 0.17 per cent decrease compared to the rate recorded in February 2024 (3.79 per cent).
“The average annual rate of Food inflation for the twelve months ending March 2024 over the previous twelve-month average was 31.40 per cent, which was 8.69 per cent points increase from the average annual rate of change recorded in March 2023 (22.72 per cent),” the report said.