Tag
FOOD INFLATION
With the rising cases of insecurity in Nigeria, especially with the death of farmers at the hands of armed herdsmen and other militia groups, it's no surprise that Nigeria is producing less food.
A major problem in Nigeria has been the access to food and the incessant increase in the prices of food items in various regions of the country.
The latest World Bank Nigeria Development Update revealed that rising inflation has pushed an estimated 7 million Nigerians below the poverty line in 2020 alone.
The minister added that GDP growth for Q1 2021 was boosted by increased oil prices and economic production.
Nigeria's inflation rate dropped for the first time in 20 months to stand at 18.12% in April 2021
Prices of food items skyrocketed in various markets in Lagos State as Muslims embarked on Eid-el-Fitr celebrations.
The average cost of making a pot of jollof rice in Nigeria rose by 7.8% between March 2020 and March 2021.
Nigeria's inflation rate for the month of March 2020, rose to 18.17% from 17.33% recorded in February 2021.
Household consumption expenditure of Nigerians rose by 16.59% in Q4 2020 to stand at N13.92 trillion.
Emefiele while addressing the media on Tuesday stated that Nigeria's growing food inflation is caused due to worsening security challenges.
The report contains information on items that witnessed price increase, decrease, as well as information on special markets and insights.
Nigeria’s food inflation rate surged to 21.79% in February 2021, which is the highest rate recorded in Nigeria since October 2005.