In March 2024, Nigeria’s inflation rate increased to 33.20% from 31.70% recorded in February 2024.
However, food inflation for the month under review clocked 40.01% from 37.92% recorded in the previous month.
By geopolitical zone, food inflation was highest in the South-South zone at 43.71% closely trailed by the South-East at 42.72% and the South-West at 42.08%.
Also, the North-west geopolitical zone recorded the lowest food inflation rate for the month at 35.42%.
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Top 10 states where food is most expensive in Nigeria in March 2024, according to the National Bureau of Statistics are:
- Enugu State– Its year-on-year food inflation rate in March 2024 stood at 43.27%. On a monthly basis, the state’s food inflation was 3.79%. In the previous month, food inflation was 40.49%.
- Ondo– Taking the ninth position on the list is Ondo State, with food inflation standing at 43.45%. On a month-on-month basis, the food inflation in the state stood at 4.46%. In February, food inflation in this state was 41.42%.
- Osun State– Food inflation in March in this state was 43.54% year-on-year. On month-on-month basis, the state’s food inflation was 3.45%. For the previous month, food inflation in this state was 41.88%.
- Cross River– Residents of this state saw a year-on-year food inflation of 43.88% in March 2024. On a month-on-month basis, the food cost in the state stood at 5.14%. Residents of this state saw a food inflation rate of 38.58% in February 2024.
- Ebonyi– Food inflation in Ebonyi State in March 2024 was 44.11% year-on-year. On the monthly basis, food cost numbers in the state stood at 2.86%. Food inflation rate in this state increased from 41.63% recorded in February.
- Abia – Ranking fifth on the list is Abia State, with food inflation in March standing at 44.47%. On a monthly basis, the state’s food inflation was 5.17%. In February, food inflation in this state was 41.04%.
- Rivers– Food inflation for the month of March stood at 45.07% on a year-on-year basis. On a monthly basis, food inflation for the state stood at 3.53%. This state saw an increase in its food inflation rate from 44.34% recorded in February 2024.
- Akwa-Ibom – Akwa Ibom is one of the three states with topmost food inflation numbers. Its year-on-year food inflation stood at 45.18% for the month of March 2024. On a monthly analysis, food inflation for the state was put at 4.56%. In the previous month, food inflation in this state was 41.44%.
- Kwara – The North-Central state recorded food inflation of 46.18% in March 2024. On a monthly basis, the state’s food cost stood at 4.10%. In February, food inflation on a year-on-year basis was 43.05%.
- Kogi– Retaining its place as the state where food is most expensive in Nigeria, Kogi State has a food inflation number of 48.46% on year-on-year basis. On a month-on-month analysis, food inflation in the Confluence State for the month of March was 3.85%. Kogi state’s food inflation for February stood at 46.32%.
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