Food Prices Hit Record High as Ngeria’s Inflation Worsens

Nigeria’s food prices has hit a record high and inflation is worsening, recent figures from the National Bureau of Statistics, NBS, has revealed.

Consumer Price Index (CPI), which measures inflation in Nigeria, had dropped for the first time in 11 months in October, only to rise again due to fuel scarcity, driving food prices to record high.

“The index was driven in part by higher prices within the food and non-alcoholic beverages division as well as increases in the transportation division as a result of shortages in premium motor spirit (PMS) coupled with the knock-on effect impacting transportation of people and goods across the country,” the November issue of the CPI said.

“Food prices as observed by the food sub-index increased to the highest rate recorded this year.

“Prices increased by 10.3% (year-on-year) in November, 0.2% points higher from rates recorded in October. The index was pushed higher as a result of faster increases in the fish, bread and cereals; vegetable and meat groups.

Nigeria Bulletin

Share this article:
join our mailing list

Do you want more articles like this delivered to your inbox?

Join our mailing list to receive the latest news and articles.

PS: Your email WILL NOT BE SPAMMED. See our Privavcy Policy for detail.

Thank you for subscribing. You are now part of our mailing list.

Show/Hide Comments

0 thoughts on “Food Prices Hit Record High as Ngeria’s Inflation Worsens

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

join our mailing list


Get all the latest and most popular news, tips, articles and information from our website delivered straight into your inbox.

Thank you for subscribing to our mailing list. You will now start recieving our periodic newsletter.

Powered byRapidology