Food inflation in Nigeria has risen to 32.84 percent in November, making it increasingly challenging for Nigerians to afford basic necessities.

According to the November 2023 report of the National Bureau of Statistics’ Consumer Price Index, overall inflation increased to 28.20 percent from October’s 27.33 percent.

Kogi, Kwara, and Rivers experienced the highest food inflation rates at 41.29 percent, 40.72 percent, and 40.22 percent, respectively.

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The surge in food prices is attributed to increases in the costs of bread and cereals, oil and fat, potatoes, yams, fish, fruit, meat, vegetables, coffee, tea, and cocoa.

The report indicates a year-on-year increase in food inflation by 8.72 percentage points compared to November 2022.

While Bauchi, Borno, and Jigawa recorded lower food inflation rates, at 26.14 percent, 27.34 percent, and 27.63 percent, respectively, the nationwide inflation rate reached an 18-year high.

Headline inflation rose by 0.87 percentage points in November, reaching 28.20 percent, compared to October’s 27.33 percent.

The Central Bank of Nigeria’s claim of a slowdown in month-on-month inflation was contradicted by the report, revealing a 2.09 percent month-on-month increase in November, surpassing October’s 1.73 percent. Kogi, Lagos, and Rivers had higher-than-average inflation rates, while Borno, Katsina, and Plateau had lower rates.

The removal of fuel subsidy and the unification of the foreign exchange rate were identified as factors contributing to the inflation surge.

The World Bank, in its Nigeria Development Update report, highlighted the impact of inflation on poverty, with a rise from 40 percent in 2018 to 46 percent in 2023, affecting an additional 24 million people.

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The World Bank suggested targeted cash transfers to mitigate the impact on vulnerable households and emphasized the need for a comprehensive approach, including tighter fiscal and monetary policies, to reduce inflation.

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The institution projected a decrease in poverty rates from 46 percent in 2024 to 44 percent in 2026 if monetary policy tightening is accelerated.

The Central Bank of Nigeria expressed its intention to focus on inflation and stabilize prices.