Tag
FOOD INFLATION
The cost of living in Nigeria continues to rise, with June 2024 Consumer Price Index (CPI) data showing a consistent increase in inflation rates across both all items and food, affecting the daily lives of people in states.
Nigeria’s inflation rate in June 2024 surged from 33.95% in May 2024 to 34.19% in June according to the latest report from the National Bureau of Statistics, (NBS).
The National President of the All Farmers Association of Nigeria (AFAN), Arc. Kabir Ibrahim has stated that the duty-free importation for food items will lead to the erosion of gains made in local production of maize, rice and wheat.
The federal government has approved a 150-day duty-free window to allow the importation of maize, husked brown rice and wheat as part of measures to combat rising food inflation in the country.
In May 2024, Nigeria experienced a headline inflation rate of 33.95%, up from 22.41% in May 2023, reflecting significant economic pressures.
The national average cost of a healthy diet (CoHD) per day has risen by 32% since December 2023.
Ibrahim Maigari, the Chief Executive Officer of Rice Afrika, has outlined eight research-backed strategies aimed at significantly boosting food production in Nigeria and addressing the current food inflation crisis caused by insufficient agricultural output.
Ibrahim Maigari, Chief Executive Officer of Rice Afrika, has attributed the current food inflation in Nigeria to a series of disruptive events from 2020 to 2023, including the COVID-19 pandemic lockdown, currency redesign, and the removal of fuel subsidies by the current administration.
The Managing Director of UAC Foods Ltd, Mr. Oluyemi Oloyede has stated that Nigerians should stop seeing food importation as evil in the light of the high food inflation being witnessed across the country.
President Bola Tinubu has said that the high price of food items in the country can be attributed to the loss of 60% to 70% of the food produce to external damages such as bad roads, banditry, and terrorism.
In the past few weeks, there have been a noticeable uptick in the price of eggs across the country. A simple survey of egg prices per crate in the last three weeks reveals an increase of around 17% in one month at farmgate.
The cost of living in Nigeria continues to rise, with May 2024 Consumer Price Index (CPI) data showing a consistent increase in inflation rates across both all items and food, affecting the daily lives of people in states.