Bread Prices Keep Rising in Nigeria
By Kasim Isa Muhammad
23rd january, 2023
Data indicate that bread costs are a significant contributor to Nigeria’s exploding inflation.
According to statistics from the National Bureau of Statistics (NBS) December 2022 consumer price index (CPI) report, increased bread prices are a significant element of food inflation in Nigeria.
The food inflation rate in December 2022 was 23.75% on an annual basis, which was 6.38% higher than the rate recorded in December 2021 (17.37%), according to the CPI and inflation report.
Additionally, the food inflation rate in December was 1.89%, which was 0.49% higher than the rate observed in November 2022 (1.40%), on a month-over-month basis.
The NBS determined that the increase in the price of bread and other food items including potatoes, yams, fish, oil, and cereals is what is causing inflation.
