Yam, beer, rice drive food inflation up to 39.84% in December 2024

Nigeria’s food inflation rate hit 39.84 percent in December 2024, a 5.91 percent increase from the 33.93 percent recorded in December 2023, according to the latest report by the National Bureau of Statistics (NBS).

The rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items; Yam, Water Yam, Sweet Potatoes, etc (Potatoes, Yam & Other Tubers Class), Beer, Pinto (Tobacco Class), Guinea Corn, Maize Grains, Rice, etc (Bread and Cereals Class), and Dried Fish-Sadine, Catfish Dried, etc (Fish Class).

On a month-on-month basis, the Food inflation rate in December was 2.66 percent which shows a 0.32 percent decrease compared to the rate recorded in November 2024 (2.98%).

The decline, the NBS said can be attributed to the rate of decrease in the average prices of Local Beer (Burukutu), Pinto (Tobacco Class), Fruit Juice in tin, Malt drinks, etc (Soft Drinks Class), Rice, Millet, Maize flour, etc (Bread and Cereals Class) and Water Yam, Irish Potatoes, Coco Yam, etc (Potatoes, Yam & Other Tubers Class).