Nigeria's Food Inflation Drops to 19.57% Amid Price Stability

Nigeria's food inflation rate eased to 19.57% in August, according to the latest Price and Promo FMCG Momentum report. The report analyzed 110 food products, revealing that 79% maintained their prices month-on-month, while 12% became cheaper and 9% saw price increases.

The FMCG market was categorized as “Stable,” with notable price stability in food seasoning, noodles, and edible oil. Breakfast cereals and powdered milk experienced the most significant price reductions, with about 20% of products in these categories becoming cheaper.

The report indicated that while stable prices dominated the packaged food market, downward price adjustments were becoming more common. Additionally, the Consumer Market Pulse report showed weakened price pressures on household commodities, driven by lower ingredient and grain prices.

Despite a 6% increase in Premium Motor Spirit (PMS) prices, overall prices remained stable, reflecting a mixed price movement across various commodities.