Nigeria’s food inflation rate decreased to 39.53% in July 2024, down from 40.87% in June, according to the latest Consumer Price Index and Inflation report by the National Bureau of Statistics (NBS). This reduction is attributed to lower prices of key food items such as garri, akpu (fufu), milk, and fresh fish.
On a month-on-month basis, the food inflation rate for July was 2.47%, showing a slight decrease from the 2.55% recorded in June 2024. The NBS noted that the fall in inflation was driven by declines in the average prices of several food items, including tin milk, date palm fruit, watermelon, turkey meat, and minced pork.
Additionally, the NBS revealed that Benue, Delta, and Borno are currently the least expensive states to live in Nigeria, with the slowest year-on-year increases in headline inflation. Benue recorded the lowest at 27.28%, followed by Delta at 28.06%, and Borno at 28.33%. Conversely, Abuja, Borno, and Enugu saw the highest month-on-month inflation increases, with rates of 3.91%, 3.84%, and 3.76%, respectively.
