Proof That Import Duty Increase Is Already Increasing Food Prices?

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Culled this (below) from Thisday and I thought it was scary. Even though I support a ban on some imported items, I still feel the ultimate aim must be to reduce prices of goods and service.

Following the recent increase in import duties on some food item by the Federal Government so as to reduce imports, the prices of a basket of consumer goods have soared across the country.

An analysis of the prices of a basket of consumer goods across the country in April by analysts at FSDH Research showed that prices of some major components of the basket increased considerably.

Their findings revealed that the average prices of rice increased marginally by about 1.33 per cent on account of pressure from the increase in import duties. The prices of garri and tomatoes both increased by 25 per cent and 5.25 per cent respectively between March and April 2013.

Also, the prices of meat, fish and vegetable oil increased by 12.83 per cent, 6.67 per cent and 0.18 per cent respectively. While the prices of palm oil, onions, beans and yam decreased by 13.33 per cent, 12 per cent, 8.33 per cent and 3.47 per cent respectively.

Import Duties: Prices of Consumer Goods Basket Soar across Nigeria