Nigerians face costly Christmas as food inflation surges above 40%

As Christmas approaches, Nigerians are grappling with soaring food inflation, with 19 states and the Federal Capital Territory (FCT) reporting rates exceeding 40% in November 2024.

According to the latest Consumer Price Index (CPI) report from the National Bureau of Statistics (NBS), food inflation across the country surged to 39.93% in November, marking a sharp rise from 32.84% recorded in the same period last year.

The report highlights widespread price increases for essential staples such as yam, rice, maize, palm oil, and grains like guinea corn and millet, alongside notable hikes in fish, dairy products, and meat. On a month-on-month basis, food inflation inched up slightly by 2.98%, compared to 2.94% in October.

Sokoto led the nation with a staggering 51.3% food inflation rate, despite a marginal dip from 52.19% in October.

Yobe recorded a sharp spike to 49.69%, up from 42.13% the previous month, while Edo State followed closely with 47.77%, reflecting a marginal increase from October’s 46.56%. Other states experiencing significant food inflation include:

Gombe: 46.63% (up from 45.35%); Kebbi: 46.29% (up from 43.34%); Abia: 46.0% (up from 43.25%); Zamfara: 46.01% (up from 41.66%); Anambra: 45.94% (up from 41.09%)and Kano: 45.34% (up from 42.47%).

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In Oyo State, food inflation jumped to 44.38% from 39.29%, while Plateau recorded 43.86% and Enugu 43.32%. Abuja, the nation’s capital, reported a food inflation rate of 42.84%, up from 40.05%. States like Niger (42.25%), Kaduna (41.78%), and Taraba (41.44%) also saw significant increases.

While some states experienced marginal declines, such as Jigawa (dropping to 42.32% from 43.42%) and Borno (falling to 41.83% from 45.84%), the broader trend underscores the intensifying cost-of-living crisis in Nigeria.

Nigeria’s headline inflation also climbed to 34.60% in November, up from 33.88% in October. While month-on-month inflation showed a slight slowdown, easing to 2.638% compared to 2.640% in October, the year-on-year figures reflect mounting pressure on households.

Analysts attribute the persistent rise in food prices to several factors, including:

Supply Chain Disruptions: Ongoing insecurity, particularly in northern agricultural regions, has disrupted production and transportation of food items.

Rising Fuel Costs: Higher transportation expenses due to increased fuel prices continue to push food costs upward.

Dr. Olumide Adebayo, an economic analyst, noted that “without addressing critical issues like insecurity, infrastructure gaps, and fuel costs, food inflation will remain a significant burden on Nigerian households, particularly during festive seasons when expenses traditionally spike.”

The relentless rise in food prices has deepened economic hardship for millions of Nigerians already grappling with shrinking purchasing power. Families are forced to prioritize basic necessities, with many scaling back on festive spending.

Mrs. Agnes Okafor, a trader in Abuja, expressed her frustration: “Rice and oil prices keep going up every week. How can people celebrate Christmas when food has become unaffordable?”