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In January 2025, the food inflation rate dropped to 26.08% from 39.84% in December 2024
Key takeaways:
  • The inflation rate experienced a growth rate of 60.5% from May 2023 to December 2024.
  • The May 2024 food inflation rate grew by 15.84% points higher than May 2023 levels.
  • The most significant monthly increase occurred in February 2024, when food inflation rose by 2.51% from January 2024.
  • Brief periods of relief were observed in July, August, and December 2024, when the rates showed slight declines.
  • The food inflation rate dropped by 13.76% between December 2024 and January 2025 due to CPI rebasing to 2024 from 2009.

Nigeria: Food inflation surged from 24.8% to 30.6% in five months since fuel subsidy removal
While many living in Nigeria have already experienced the effects of the fuel subsidy removal on their daily expenses, this chart presents a clearer picture of reality. Will the prices of food items continue to rise? Is there hope of some respite soon?

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