Prices of Garri, Fufu, and others drop as Nigeria’s food inflation fall

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Nigeria’s food inflation decreased by 39.53 percent in July 2024 from 40.87 percent in June of the same year due to lower prices for Garri, Akpu (fufu), milk, and other goods.

On Thursday, the July Consumer Price Index and Inflation figures from the National Bureau of Statistics were made public.

The nation’s food inflation rate in July 2024 was 2.47 percent on a month-over-month basis, indicating a 0.08 percent decline from the 2.55 percent rate noted in June 2024.

According to NBS, the decrease in the average cost of garri, akpu (fufu), tin milk, fresh fish, date palm fruit, watermelon, turkey meat, and minced pork is what caused the food inflation to drop.

In the meantime, July’s food inflation rate was 12.55 percent higher year over year than it was in the same month the previous year.

According to earlier reports, core inflation excluding food inflation decreased by 0.79 percent in July to 33.40 percent, from 34.19 percent in June.

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