Nigeria’s imported food inflation surged to 36.38% in June 2024, up from 34.83% in May, representing a 1.55 percentage point increase. This rise exceeds the headline inflation rate, which grew from 33.95% in May to 34.19% in June, according to the National Bureau of Statistics (NBS).
The Consumer Price Index (CPI) data for June 2024 reveals a significant increase in the average price index for imported food, jumping to 806 points from 591 points in the same month last year.
This represents a substantial rise from the 19.1% recorded in June 2023, largely due to the naira’s continued decline since the Central Bank of Nigeria’s foreign exchange market rates unification last year.
The NBS data shows a consistent growth in imported food inflation since the beginning of the year, with the headline inflation rate in June 2024 being 11.4% higher than in June 2023.
On a month-on-month basis, the headline inflation rate rose by 2.31% in June 2024, a 0.17 percentage point increase from May 2024.
The faster rate of imported food inflation, driven by the weakening naira and rising import duty FX rate, underscores the need for urgent attention to address the country’s food security challenges.
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