• Tuesday, May 21, 2024
businessday logo

BusinessDay

Kogi, Kwara, Rivers, Akwa Ibom and Imo are states with highest food prices

Kogi, Kwara, Rivers, Akwa Ibom and Imo are states with highest food prices

Kogi, Kwara, Rivers, Akwa Ibom and Imo are the top five Nigerian states that recorded the highest food prices in January, according to a BusinessDay analysis of the latest Consumer Price Index (CPI) report.

The report shows that the average food inflation rate for Kogi was 44.18 percent, followed by Kwara at 40.87 percent, Rivers had 40.08 percent, Akwa Ibom was 39.96 percent and Imo at 39.92 percent.

Nigerians have been grappling with continuous rise in inflation, food which is a major driver, contributes about 50 percent to the headline inflation rate.

“In January 2024, food inflation on a year-on-year basis was highest in Kogi (44.18 percent), Kwara (40.87 percent) and Rivers (40.08 percent),” the report stated, followed by Akwa Ibom (39.96 percent) and Imo (39.92 percent) from BusinessDay’s analysis.

The CPI report shows that food and non-alcoholic beverages contributed the most (15.49 percent) to the increase in headline inflation.

According to the report, headline inflation rose to 29.90 percent in January from 28.92 percent in December.

Food inflation, which constitutes 50 percent of the inflation rate, rose from 33.93 percent in December to 35.41 percent.

On a month-on-month basis, food inflation was caused by rise in average prices of potatoes, yam & other tubers, bread, cereals, fish, meat, tobacco and vegetables.

Hence, when many Nigerians in other states managed to survive skyrocketing food inflation, Kogi, Kwara, Rivers, Akwa Ibom and Imo residents suffered in double portions.

Kogi

Kogi, a state that prides itself on being a leading agricultural state in the country, again tops the list of states with the highest food inflation in January.

Kogi’s food inflation increased to 44.18 percent from 34.2 percent in December.

Located in the north-central part of Nigeria, Kogi’s agric sector faces insecurity by bandit attacks.

The state had lamented its high rate of insecurity, pleading with the federal government for help.

On a month-on-month basis, the state food inflation surged by 2.57 percent from December.

Kwara

Kwara with 40.87 percent is the second state with the highest food inflation in January. Like many other states in Nigeria, Kwara’s agricultural sector faces ecological issues, such as lack of rainfall.

Lack of sufficient agric allocation funds by its state government is also a factor. On a month-on-month basis, its food inflation rose by 2.95 percent.

Rivers

Rivers, the third state with the highest food inflation in January at 40.08 percent, is one of the leading states in yam, cassava and cocoyam cultivation.

On a month-on-month basis, the state’s food price inflation rose by 3.73 percent.

Akwa Ibom

Located in the South-South, Akwa Ibom is the fourth state with the highest food price inflation in January at 39.96 percent. The state food inflation surged by 3.68 percent on a month-on-month basis.

Imo

The state located within a tropical rainforest makes the fifth state with the highest food price inflation in January at 39.92 percent.

Month-on-month, its food inflation rose by 2.61 percent. However, while many Nigerians in these five states lamented the high cost of food prices, residents in Bauchi (28.83 percent), Adamawa (29.80 percent), Kano (30.08 percent), Nassarawa (30.14 percent) and Borno (30.29 percent) might have had “an easier” month as they recorded the slowest rise in food inflation.