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Food Inflation Rises by 17% in One Year- NBS

The National Bureau of Statistics (NBS) has revealed that domestic food inflation rose by 17.21 per cent in the last year.

The Bureau revealed this in its recent report titled “Consumer Price Index; November 2021”, noting that the food inflation in the country went up by about 17 per cent, decreasing by 1.09 per cent when compared to statistics from November 2020.

Figures from November 2021, however, showed a year on year increase in some states including Gombe, Nasarawa and Kogi, while Rivers, Edo and Osun States recorded a slow rise in food inflation.

“In November 2021, food inflation on a year on year basis was highest in Gombe (21.83%), Kogi (21.09%) and Nasarawa (20.48%), while Edo (14.12%), Rivers (14.31%) and Osun (14.45%) recorded the slowest rise in year on year food inflation.

“On month on month basis, however, November 2021 food inflation was highest in Enugu (2.59%), Imo (2.31%) and Ekiti (2.01%), while Jigawa (0.27%), Ogun (0.36%) recorded the slowest rise in inflation month on month with Akwa Ibom recording price deflation or negative inflation (decrease in the general price level of food or a negative food inflation rate)”, the report read in part.

However, the NBS attributed the rise in the food index to the increase in prices of bread and cereals, fish, food product, potatoes, yam and other tubers, oil and fats, milk, cheese and eggs and coffee, tea and cocoa.

“The composite food index rose by 17.21 per cent in November 2021 compared to 18.30 per cent in November 2020.

“This rise in the food index was caused by increases in prices of bread and cereals, fish, food products, potatoes, yam and other tubers, oil and fats, milk, cheese and eggs and coffee, tea and cocoa.

“On a month-on-month basis, the food sub-index increased by 1.07 per cent in November 2021, up by 0.16 per cent points from 0.91 per cent recorded in October 2021.

“The average annual rate of change of the Food sub-index for the twelve months ending November 2021 over the previous twelve-month average was 20.62 per cent, 0.13 per cent points lower from the average annual rate of change recorded in October 2021 (20.75 per cent),” the report added.

The post Food Inflation Rises by 17% in One Year- NBS first appeared on AgroNigeria.

The post Food Inflation Rises by 17% in One Year- NBS appeared first on AgroNigeria.

Sourced from Agro Nigeria

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