Farm produce inflation hits 21.99% in August, highest this year

In August 2026, the cost of agricultural products in Nigeria skyrocketed by 21.99% year-on-year, marking the highest rate of inflation for any food items this year. This surge in farm produce prices is a stark contrast to the moderation observed in May, when rates dropped to 13.26%, then climbed to 21.70% in June and marginally decreased to 19.82% in July.

The August figure is nearly double the rate at the beginning of the year, signaling a surge in agricultural commodity costs despite a more general softening in headline inflation.

Nigeria's National Bureau of Statistics (NBS) reports that farm produce inflation surged across the first eight months of 2026, despite minor fluctuations from month to month. From January to August, the farm produce index rose from 120.8 to 151.4, signifying a 25.3% increase over the eight-month span. The sharp rise in August, more than double the January level, highlights the accelerated pricing of farm produce over this period.

The inflation spike coincides with a dire food-security situation. As of August 2026, 36.3 million Nigerians were grappling with Crisis or worse levels of food insecurity, the highest figure among 17 African countries reviewed by the Alliance for a Green Revolution in Africa (AGRA). This grim backdrop is fueled by concerns over the high cost of agricultural production, insecurity, and post-harvest losses.

Recent data also shows a 8.5% year-on-year drop in Nigeria’s agricultural imports in the first half of 2026, with the value of imported agricultural goods falling in both quarters.

The renewed pressure on farm produce prices is particularly concerning as agriculture is a cornerstone of employment in Nigeria. The confluence of rising farm produce inflation, ongoing food-security challenges, and limited investment underscores the urgency of tackling production costs, security, storage, and agricultural infrastructure alongside measures designed to curb consumer prices.