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Food inflation soars by 61% in one year – NBS report
By Kayode Sanni-Arewa
Nigerians are finding it more difficult to feed themselves, as food inflation rose to 40.66 per cent in May.
This was as the cost of food rose by 61 per cent from 25.25 per cent in June 2023 to 40.66 per cent in May 2024, highlighting a steady rise in the cost of living.
This is according to an analysis of the latest Consumer Price Index and Inflation report released by the National Bureau of Statistics.
The CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living.
On Saturday, the NBS disclosed that headline inflation moved by 0.26 per cent to 33.95 per cent from 33.69 per cent recorded in April.
The report noted that the inflation rate climbed to a 28-year high since March 1996 on higher food and transport prices.
It said, “In May 2024, the headline inflation rate increased to 33.95 per cent relative to the April 2024 headline inflation rate which was 33.69 per cent.”
The statistics agency also reported major contributing items to headline inflation in May 2024 including food & non-alcoholic beverages (contributing 17.59 per cent), housing, water, and electricity, gas & other fuel (contributing 5.68 per cent), and clothing & footwear (contributing 2.60 per cent).
A breakdown of the data showed that the price of food commodities increased steadily from 25.25 per cent in June, to 26.98 per cent in July, 29.34 per cent, 30.64 per cent in August, 31.52 per cent in September, 31.52 per cent October, 32.84 per cent in November and 33.93 per cent as the end of December 2023.
The rate further increased to 35.41 per cent in January, 37.92 per cent in February, crossed the 40 per cent mark in March, 40.53 per cent in April and 40.66 per cent in May.
NBS said the rate rose to 40.66 per cent in May, compared to the 24.82 per cent reported in the same month last year — indicating an increase of 15.84 per cent points.
The bureau said semovita, oatflake, yam flour prepackage, garri, bean, etc (which are under bread and cereals class), Irish potatoes, yam, water yam, etc (under potatoes, yam and other tubers class), contributed to the year-on-year increase in the food inflation rate.
Other contributors are palm oil, vegetable oil, etc (under oil and fat), stockfish, mudfish, crayfish, etc (under fish class), beef head, chicken-live, pork head, and bush meat (under meat class).
“The food inflation rate in May 2024 was 40.66 per cent on a year-on-year basis, which was 15.84 per cent points higher compared to the rate recorded in May 2023 (24.82 per cent).
The food inflation rate in May 2024 was 40.66 per cent on a year-on-year basis, which was 15.84 per cent points higher compared to the rate recorded in May 2023 (24.82 per cent).
“The average annual rate of Food inflation for the twelve months ending May 2024 over the previous twelve-month average was 34.06 per cent, which was 10.41 per cent points increase from the average annual rate of change recorded in May 2023 (23.65 per cent),” the report said.
Similarly, Bauchi, Kogi, and Oyo are Nigeria’s three most expensive states on a year-on-year basis after recording the highest All-Items Inflation in May 2024.
The report said in May 2024, the All-Items inflation rate on a Year-on-Year basis was highest in Bauchi 42.30 per cent, Kogi (39.38 per cent Oyo (37.73 per cent).
On the flip side, Borno (25.97 per cent), Benue (27.74 per cent) and Delta (28.67 per cent) recorded the slowest rise in Headline inflation on a Year-on-Year basis.
In recent years, food prices have been on the rise across Nigeria. The situation deteriorated due to the impact of government policies such as the removal of subsidies on petrol, among others.
The upward trend in the prices of these staples and other products has weakened the purchasing power of many citizens, making it difficult for many households in the country to afford daily meals.
At the March Monetary Policy Committee meeting, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, said that the huge purchase of foodstuffs by the government as palliatives is contributing to the galloping food inflation in the country.
The Catholic Diocese of Warri, has suspended Rev. Fr. Daniel Okanatotor Oghenerukevwe from the priesthood following his reported marriage in the United States.
This was made known in a statement titled: ‘Decree of Suspension’, dated Thursday, January 16, 2025, jointly signed by Bishop of Warri, Rt. Rev, Anthony Ovayero Ewherido and Chancellor/Notary Very Rev. Fr. Clement Abobo.
The statement alleged that Oghenerukevwe entered into marriage with one Ms. Dora Chichah at the Streams of Joy Church in Dallas, USA, on 29 December 2024, noting that the footage of the marriage had been widely circulated on social media.
By this action, the church said that Oghenerukevwe has incurred a Latae Sententiae suspension in accordance with the provisions of Canon law of the church.
“Most Rev. Anthony Ovayero Ewherido, Bishop of Warri, do hereby officially decree that he is suspended from the exercise of sacred ministry.
“On November 30, 2024, Rev Fr Daniel Okanatotor Oghenerukevwe, who has been out of active ministry and without any official assignment in the United States of America, contacted me with a request to be released from all canonical obligations and responsibilities associated with Holy Orders within the Roman Catholic Church.
“The Diocese of Warri reached out to Fr. Oghenerukevwe, requesting the submission of documents required to initiate the process. However, on December 29, 2024, Fr. Oghenerukevwe entered into marriage with Ms. Dora Chichah at the Streams of Joy Church in Dallas, USA. Footage of this marriage has been widely circulated on social media.
“May God grant him the grace to reflect on this situation and guide him on the path of reconciliation,” the statement said.
The spokesperson for the Federal Capital Territory (FCT) Minister, Nyesom Wike, Lere Olayinka, has rubbished claims that his principal traveled to London for medical treatment.
Olayinka expressed disbelief, querying how Wike could have been rushed to London on Thursday night and yet returned by Friday to visit the Dape community in Life Camp.
He criticized those perpetuating such rumors, noting the irony of questioning the health of a minister who is actively visible in public.
In a Facebook post, Olayinka said, “Some are claiming that FCT Minister, Nyesom Wike, was flown to London for medical attention on Thursday night.
“They’ve even provided specific times and an aircraft number.
“Well, if Wike was indeed flown to London on Thursday for urgent medical treatment, then he must have used witchcraft to return on Friday to visit the Dape community in Life Camp, as well as Gishiri and Pigba Sama communities in Abuja.
“Interestingly, the Minister will again use his so-called witchcraft to return to Abuja on Monday to commence the commissioning of road projects.
“People who haven’t undergone a medical check-up in over ten years are the ones speculating about the health of a Minister who is actively seen every day performing his duties. Let them continue!”
The Nigerian National Petroleum Company Limited (NNPCL) has disclaimed a purported recruitment announcement for the Port Harcourt Refining Company (PHRC), warning the public against falling victim to fraudulent schemes.
In a statement released on its official X handle (formerly Twitter) on Friday evening, the oil company clarified that no separate recruitment process was ongoing for PHRC beyond the one initiated in 2024.
The statement, titled “NNPC Ltd Disclaims Purported Recruitment Announcement for PHRC,” was signed by the Chief Corporate Communications Officer, Olufemi Soneye.
“The Nigerian National Petroleum Company Limited (NNPC Ltd) has urged members of the public to discountenance purported recruitment announcement for the Port Harcourt Refining Company (PHRC) circulating in certain online platforms,” the statement read.
NNPC Ltd further explained that its recruitment process, which commenced last year, covered all its subsidiaries, including PHRC. The company noted that candidates who passed the Computer-Based Aptitude Test were proceeding to the interview stage.
“The purported recruitment link being circulated in various online platforms is the handiwork of fraudsters who are keen on taking advantage of the newly revamped Port Harcourt Refinery to fleece unsuspecting members of the public with a phantom recruitment announcement. We, therefore, call on members of the public to be wary of the ploy and not fall for it,” the statement warned.
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