Nigeria’s imported food inflation jumped to 36.38% in June 2024, from 34.83% recorded in the previous month, which represents a 1.55%-points increase.
According to the Consumer Price Index (CPI) data for June 2024 by the National Bureau of Statistics (NBS), the average price index for imported food rose to 806.0 in June 2024 from 591.0 in the same month of the previous year.
Nigeria’s imported food inflation increased significantly from the 19.10% recorded in June 2023, as naira weakened following the unification of all segments of the forex exchange (FX) market by the Central Bank of Nigeria (CBN).
The unification process in June 2023, aimed at creating a more transparent and efficient foreign exchange market, resulted in a steep depreciation of the naira.
The NBS data on imported food inflation from January to June 2024 shows a consistent and concerning trend of rising costs.
While the overall trend is upward, the rate of increase in inflation shows signs of gradual deceleration from March to May before picking up again in June.
