January To December Breakdown Of Nigeria’s Flood Inflation In 2023

Nigeria’s food inflation rose to 33.93 per cent from the 32.84 per cent recorded in November 2023.

Naija News reports that the figure was confirmed in the latest inflation report by the National Bureau of Statistics (NBS), which revealed Nigeria’s headline inflation to have risen to 28.92 per cent in December from the 28.20 per cent recorded in November 2023.

The report, released by the statistics bureau on Monday, detailed that on a year-on-year basis, the country’s inflation rose by 7.58 per cent from the 21.34 per cent recorded in December 2022 to 28.92 per cent in December 2023.

It is safe to say that Nigeria’s food inflation in 2023 was a complex and dynamic issue, with fluctuations throughout the year.

Below is the breakdown of how the country’s food inflation figure moved in 2023.

• January: 24.3%
• February: 24.3%
• March: 24.4%
• April: 24.6%
• May: 24.8%
• June: 25.2%
• July: 26.9%
• August: 29.3%
• September: 30.6%
• October: 31.5%
• November: 32.8%
• December: 33.9%

Naija News reports that Nigeria’s food inflation is affected by many factors not limited to insecurity in farming regions, flooding,  infrastructural challenges and others.

However, diversifying food production, promoting storage and processing facilities, and investing in rural infrastructure are some key steps that can be considered to reduce inflation.

Also, government policies aimed at stabilizing food prices and supporting vulnerable groups remain essential.