Food prices in Nigeria increased by 24.82 percent, the sharpest jump in 17 years, as households continued to grapple with double digit inflation.
Inflation is the increase in prices over time. If a cup of garri costs N200, and N250 a year later, then annual garri inflation is 25%.
The National Bureau of Statistics said food and non-alcoholic beverages contributed the most to the headline inflation or consumer price index, which stood at 22.41%, higher than 22.22% in April.
“The rise in the food inflation on year-on-year basis was caused by increases in prices of oil and fat, yam and other tubers, bread and cereals, fish, potatoes, fruits, meat, vegetable, spirit,” it said.
NBS has now released full details of how food prices changed in May. They cover 43 items, from milk to maize to chicken feet.
Nigerians are bound to face higher prices as inflation is poised to rise even further after the removal of petrol subsidy and the devaluation of the naira