Farm produce inflation hits 21.99% in August, highest this year

Farm produce inflation in Nigeria accelerated to 21.99% year-on-year in August 2026, its highest level so far this year.

This is according to Nairametrics’ analysis of the latest inflation data released by the National Bureau of Statistics (NBS).

The increase marks a reversal from the moderation recorded in May, when farm produce inflation slowed to 13.26%, before rising to 21.70% in June and easing slightly to 19.82% in July.

The August reading also represents almost a doubling of the rate recorded at the start of the year, highlighting the renewed pressure on agricultural commodities despite the broader moderation in headline inflation.

What the data is saying

NBS data shows that farm produce inflation generally accelerated during the first eight months of 2026, despite some month-to-month fluctuations.

• The rate stood at 10.93% in January, with the farm produce index rising from 108.9 in 2025 to 120.8 in 2026. It increased to 13.27% in February, as the index moved from 110.0 to 124.6, before climbing further to 15.27% in March, when the index rose from 113.3 to 130.6.
• The upward trend continued in April, with inflation reaching 18.86% as the index increased from 117.7 to 139.9. However, the rate moderated sharply to 13.26% in May, even though the 2026 index rose slightly to 140.1, compared with 123.7 a year earlier.
• Farm produce inflation rebounded to 21.70% in June, with the index increasing from 119.8 in June 2025 to 145.8. It then eased to 19.82% in July, although the 2026 index continued to rise, reaching 149.9 from 125.1 a year earlier.
• By August, inflation had climbed to 21.99%, the highest reading recorded so far in 2026. The index stood at 151.4, compared with 124.1 in August 2025.

Overall, the farm produce index increased from 120.8 in January to 151.4 in August, representing a 25.3% rise over the eight-month period. The August inflation rate was more than double the January level, demonstrating the acceleration in farm produce prices during the period.

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The increase comes against a difficult food-security backdrop. Nigeria had 36.3 million people facing Crisis or worse levels of food insecurity in August 2026, the highest number among the 17 African countries monitored by the Alliance for a Green Revolution in Africa (AGRA).

• However, the pressure is not uniform across commodities. AGRA reported that maize prices had risen by 19.3% over the preceding six months but remained 10.9% lower year-on-year.
• The latest farm produce inflation reading therefore points to broader price pressure across agricultural commodities rather than a uniform increase in the price of every major food crop.

The development follows earlier concerns over the cost of agricultural production, insecurity and post-harvest losses.

• Nairametrics reported in November 2025 that farmers in North-Central and North-West Nigeria were facing higher input costs, insecurity and significant post-harvest losses, raising concerns about their ability to maintain production.
• In January 2026, a PwC Nigeria Economic Outlook projection estimated that 34.7 million Nigerians could be at risk of acute food insecurity during 2026, with conflict and rising costs identified among the factors driving the risk.

More recently, Nigeria’s agricultural imports fell 8.5% year-on-year to N2.03 trillion in H1 2026, with the value of inbound agricultural products declining across both quarters.

What you should know

The renewed pressure on farm produce prices is significant because agriculture remains a major source of employment in Nigeria.

• NBS data previously showed that more than 25 million people were engaged in agriculture, forestry and fishing in 2023, accounting for 30.1% of the country’s workforce.
• At the same time, investment into the sector remains relatively modest compared with its economic importance. Nigeria’s agricultural sector attracted $167.25 million in capital importation in 2025, according to NBS data reported by Nairametrics.

The combination of rising farm produce inflation, persistent food-security risks and relatively limited investment highlights the importance of addressing production costs, security, storage and agricultural infrastructure alongside measures aimed at moderating consumer prices.