The year 2024 was marked by an alarming rise in food prices in rural areas of Nigeria, according to the latest Consumer Price Index (CPI) report for the month of April published by the National Bureau of Statistics ( BNS). This significant increase in the cost of food is worrying and raises concerns about the impact on the country’s rural population.
Despite the measures taken by the Central Bank of Nigeria to tighten liquidity, inflation persists and continues to rise. Decisions to increase monetary policy rates in February and March this year appear to have had little effect on the country’s economic situation.
The CPI index is a key indicator that measures the average variation in the prices of goods and services consumed by the population over a given period. In this context, the rural CPI for food products has almost doubled compared to the figures of the last three years, indicating significant inflationary pressure on the household basket.
A detailed analysis of the data shows a steady upward trend in food prices in rural areas. Between April 2021 and April 2024, prices increased by an average of 99.22% for rural consumers. This substantial increase has had a direct impact on the purchasing power of households, leading to increased pressure on their budgets.
The latest CPI figures show a continued increase in the rural food price index. In March 2021, the CPI for food stood at 419.7, before increasing to 613.2 in April 2023, an impressive jump of 46.72% in just two years.
This rise in food prices has had uneven impacts across the different states of Nigeria. For example, Kogi State recorded the highest food inflation rate in April 2024, reaching 48.62%. In contrast, states like Adamawa, Bauchi and Nasarawa recorded more moderate increases, with food inflation rates hovering around 33 percent.
This situation raises questions about the root causes of this increase in food prices in rural Nigeria. Factors such as volatile commodity prices, logistical challenges and government economic policies are likely to have contributed to this economic crisis. It is imperative that authorities take measures to mitigate the impact of this inflation on the most vulnerable populations and find lasting solutions to stabilize food markets.
In conclusion, the current situation of food price inflation in rural Nigeria requires immediate attention and concerted actions by the authorities to ensure food security of the population. The economic challenges facing the country require innovative solutions and prudent management of monetary policies to ensure economic stability and the well-being of citizens.