AGS NEWS – Nigerians are struggling to afford food as food inflation surged to 40.66% in May. This marks a sharp increase from 25.25% in June 2023, highlighting a steady rise in the cost of living.

The National Bureau of Statistics (NBS) reported that headline inflation rose to 33.95% in May, up from 33.69% in April, reaching a 28-year high due to higher food and transport prices.

Major contributors to this inflation include food and non-alcoholic beverages, housing, utilities, and clothing.

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The report detailed that food prices have been steadily rising, with significant increases in staple items like semovita, yam, and beans.

The NBS noted that food inflation in May was 40.66%, 15.84 percentage points higher than in May 2023.

The average annual food inflation rate for the twelve months ending in May 2024 was 34.06%, up from 23.65% in May 2023.

Bauchi, Kogi, and Oyo recorded the highest inflation rates, while Borno, Benue, and Delta had the slowest rises.

Rising food prices, impacted by policies like fuel subsidy removal, have weakened the purchasing power of many Nigerians, making it difficult for households to afford daily meals.

Central Bank of Nigeria Governor Olayemi Cardoso cited government purchases for palliatives and structural factors as key drivers of food inflation.

Economists are calling for immediate government action, including monetary policy tightening, supply-side reforms, social protection programs, and efforts to tackle insecurity to stabilize the economy and reduce inflation.