• Wednesday, July 24, 2024
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BusinessDay

Top five states with highest food inflation in May

Top five states with highest food inflation in May

Kogi, Ekiti, Kwara, Osun and Edo states are the top five Nigerian states that recorded the highest food prices in May, 2024, according to a BusinessDay analysis of the latest Consumer Price Index (CPI) report.

The National Bureau of Statistics (NBS) consumer price index report shows that the average food inflation rate for Kogi was 46.3 percent, followed by Ekiti at 44.94 percent, Kwara had 44.66 percent, Osun was 44.57 percent and Edo at 44.46 percent.

Nigeria’s headline inflation slightly grew in May 2024 to 33.95 percent from 33.69 percent recorded in April 2024, connoting a 0.26 percent rise in the period.

Food inflation quickened to 40.7 percent in May 2024 from 40.5 percent in April 2024. While it rose by 15.84 percent on a year-on-year basis compared to its 24.8 percent in the same period of 2023.

Additionally, the statistical report added that food prices in May along with transport, pushed inflation rate to a 28-year high, adding that prices of garri, beans, yam, palm oil, meat, among others were core contributors to food inflation.

BusinessDay’s analysis of the report has shown that food prices were highest in five major states compared to others.

Kogi

With an increase of 46.3 percent on a yearly analysis, Kogi tops the states with highest food inflation in May.

Like many Nigerian states, herders and farmers clash have been a major factor behind low food production in the state.

Average food inflation rose in the state to N1,114 in May 2024 from N761 in the equivalent period of 2023. On a month-on-month basis, it rose 1.78 percent from N1,094 in April 2024.

Read also; High food prices eat away at Nigerians’ income

Ekiti

Food inflation in the land of honour and integrity increased by 44.94 percent on a year-on-year basis to N976 in May 2024 from N674 in May 2023.

On a month-on-month basis, Ekiti’s food inflation rose 1.97 percent from N956.1 in April 2024.

This indicates that while Nigerians in other states battled with worsening food crisis, people in Ekiti faced double the situation.

Kwara

With a surge of 44.46 percent on a yearly analysis, Kwara makes the list as the third state with the highest food inflation in May.

The state food inflation grew to N1,053 in May 2024 from N728 in the same period of 2023, while on a month-on-month basis, it increased 1,23 percent from N1,040 in April 2024.

Osun

The average food inflation in Osun state increased 44.57 percent on a year-on-year basis, making it the fourth state with highest food inflation in the period under review.

Popularly referred to as the land of virtue, its food inflation grew to N949 in May 2024 from N657 in May 2023, while it grew 0.02 percent on a monthly basis from N924 recorded in April 2024.

Edo

Edo’s average food inflation increased 44.46 percent to N957 in May 2024 from N675 in the same period a year ago.

While on a month-on-month basis, it rose 2 percent from N956 recorded in April 2024.

Also, farmers in the state have called for support from the federal government against insecurity preventing smooth farming activities.