Food inflation rate in Nigeria as at the close of economic activities on December 31, 2023, hit an all-time high of 33.93per cent year-on-year, according to reports released by the National Bureau of Statistics NBS. This represents a 10.18per cent points higher when compared to the rate recorded in corresponding period of 2022, which stood at 23.75per cent.

Meanwhile, the headline inflation rate in the month of December 2023 also rose to 28.92per cent from the 28.20per cent recorded in the month of November, 2023, which represents 0.72per cent increase.

The report also indicates that on a year-on-year basis, the headline inflation rate was 7.58per cent points higher when compared to the rate recorded in December 2022, which was 21.34per cent. This further indicates that the headline inflation rate (year-on-year basis) increased in December 2023 when compared to the same month the preceding year (December 2022).

According to the report released Monday, the growth in food inflation on a year-on-year basis is attributable to the increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers. Others include increases in the prices of fish, meat, fruits, milk, cheese, and eggs.

The report also shows that on a month-on-month basis, the food inflation rate in December 2023 stood at 2.72per cent, representing 0.30per cent rise compared to the 2.42per cent rate recorded in November 2023.

It was also gathered that the average annual rate of food inflation for the 12 months ending December 31, 2023 over the previous 12-month average was 27.96per cent, which also indicates a 7.02per cent points rise from the 20.94per cent average annual rate of change recorded in the corresponding period of December 2022.

A further breakdown of the headline inflation on a month-on-month basis shows that the inflation rate in December 2023 was 2.29per cent, which represents a 0.20per cent rise when compared to the 2.09per cent rate recorded in November 2023. This is an indication that in December 2023, the rate of increase in the average price level was more than the rate of increase in the average price level in November 2023.

The headline inflation rate increased to 28.92per cent in December 2023, representing 0.72per cent points increase when compared to 28.20per cent points recorded in November 2023.

On the level of inflation across the states of the federation, Kogi State took the lead with 35.58per cent followed by Lagos with 32.33per cent, Rivers 32.16per cent, while Borno trailed behind with 23.27per cent in the all items inflation rate on a year-on-year basis.

Other states captured in the report include Taraba with 24.92per cent, Katsina 26.52per cent, thus recording the slowest rise in headline inflation on year-on-year basis.

On a month-on-month basis, however, December 2023 recorded the highest increases in Bayelsa with 3.66per cent, Bauchi 3.51per cent, Oyo 3.45per cent, while Nasarawa recorded 1.36per cent, even as Delta recorded 1.49per cent and Sokoto State recorded the slowest rise on Month-on-Month inflation rate of 1.58per cent.