The food price index, which tracks monthly the price changes in the international quotation of some globally traded food commodities, also shows that while the global food index price is still 6.2% higher year-on-year, it is still about 6% below the peak attained in March 2022.

Vegetable oil and sugar prices decline

Based on the FAO data, vegetable oil prices declined 5.6% month on month, although they remained 24.9% higher year-on-year, according to ThisDay report.

This drop was influenced by a drop in the prices of palm and rapeseed oil. Other oils like Soy and sunflower oils maintained their prices.

For sugar price quotation, January 2025 saw a 6.8% drop compared to December 2024, and still 18.5% lower year-on-year.

The report attributes this drop to increased supply coming from India resuming sugar exports, and Brazil bringing improved output due to favorable weather.

The FAO Meat Price Index declined by 1.4% month on month as well, driven by lower prices of pig, ovine and poultry meat quotations.

The cereal price index went up by 0.3% month on month but stayed about 6.9% lower, year-on-year.

The report shows also that Wheat export prices dropped a little, while maize prices increased, partly due to lower supply caused by the drop in production.

Recall that the Nigerian government is currently in talks to reduce food prices in the country, by increasing production and supply of agricultural produce.

Legit.ng did a report to show the top 10 states in Nigeria with the highest food inflation rate, where residents spend more to eat.

Food price index in Nigeria climbs higher

In related news, new data from the National Bureau of Statistics (NBS) shows an increase in the prices of rice, beans, garri, eggs, and others.

This implies that Nigerians paid more to buy food items in December 2024 compared to previous months.

The situation cuts across Nigerians living in rural and urban areas, and the cost of living continues to shoot up due to food inflation.