Lagos, Kwara on list of states with highest, lowest food inflation rate in Nigeria

The National Bureau of Statistics has revealed that Nigeria's inflation rate rose by 22.04% on a year-on-year basis in March 2023, making it the highest in over 17 years.

In February during the cash scarcity challenges Nigeria's headline inflation rate stood at 21.91%.

NBS stated this in its latest consumer price index report published on its website.

According to NBS, the key contributors to March inflation rates are food & non-alcoholic beverages (11.42%); housing, water, electricity, gas & other fuel (3.69%); clothing & footwear (1.69%); transport (1.43%); furnishings, household equipment & maintenance (1.11%).

Others are education (0.87%); health (0.66%); miscellaneous goods & services (0.37%); restaurant & hotels (0.27%); alcoholic beverage, tobacco & kola (0.24%); recreation & culture (0.15%) and communication (0.15%).

Food inflation rate in Nigeria

In March, the NBS report revealed that the cost of food in Nigeria had reached its highest level in 17 years, Punch reports.

The report stated that on a year-on-year basis, food inflation for March stood at 24.45%, representing an increase of 7.25% points compared to the rate recorded in March 2022, with the rise being attributed to increases in prices of Oil and fat, Bread and cereals, Potatoes, Yam and other tubers, Fish, Fruits, Meat, Vegetables, and Spirits.

The report also highlighted that on a month-on-month basis, the food inflation rate for March 2023 was 2.07%, which was 0.16% higher compared to the rate recorded in February 2023 (1.90%).

Kwara - 28.84%

Imo - 27.84%

Lagos - 27.92%

Ondo - 28.22%

Kogi - 26.79%

Ekiti - 26.44%

Osun - 26.45%

Akwa Ibom - 26.13%

Abia - 25.93%

Bayelsa - 26.59%

Top 10 states with lowest inflation rate:

Sokoto - 18.99%

Zamfara - 20.57%

Plateau - 21.38%

Bauchi - 21.83%

Borno - 22.41%

Gombe - 22.04%

Anambra - 22.04%

Niger - 22.55%

Adamawa - 22.43%

Taraba - 23.25%