Business News

Monthly food inflation declines for second consecutive month in April- NBS

Nigeria’s month-on-month food inflation declined in April for the second consecutive time following five months of consistent increase dating back to October 2023.

Monthly food inflation in April stood at 2.50%, a decline from the 3.62% recorded in March 2024 when year-on-year food inflation reached 40.01%.

The monthly change in food inflation gradually rose from 1.91% in October 2023 to 3.79% in February before the decline in the last two months.

Headline food inflation reached 40.53%, representing an increase of 0.52% over one month. However, year-on-year food inflation increased at the slowest rate since May 2023 when the rate of increase in year-on-year food inflation was 0.21%.

Nigeria currently battles a cost of living crisis with inflation at a 28-year high of 33.69% and food inflation almost at 34%. Prices of staple food across the country, especially grains, have seen an almost 100% increase since last year because of disruption in global supply chains due to conflicts in the Middle East and Europe.