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's food inflation trend has shown alarming growth since the economic policy shifts of May 2023. Starting at 24.82% in May 2023, when fuel subsidies were removed and the naira devalued, food inflation grew steadily to reach 39.84% by December 2024. There was a significant drop in January 2025 due to the Consumer Price Index (CPI) rebasing from 2009 to 2024.

From July 2024 to August 2024, the food inflation rate saw a temporary minor decrease before rising again in September 2024. December 2024 also witnessed a slight drop in the food inflation rate, falling by 0.08% compared to November 2024.

The year-over-year comparison highlights the intensity of the inflation crisis, with December 2024 food inflation standing at 5.91% points above December 2023 levels. February 2024 marked a particularly challenging month, with the largest month-on-month increase of the entire period at 2.51%.

Source:

National Bureau of Statistics

Period:

May 2023 - January 2025
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