Tag
FOOD INFLATION
Nigeria's inflation rate surged to 33.95% in May 2024, up from 33.69% in April 2024, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Saturday.
Nigerians are bracing up for the most expensive Sallah holidays in over 30 years as prices of essential food items such as rice, tomatoes and ram hit record highs.
The performance of the agricultural sector in the first quarter of the year reflects the current situation with food security across the country.
The Federal Government is considering a six-month suspension of import duties on staple food items, drugs, and other essential items as a measure to curb inflation, according to a report by Bloomberg.
The federal government is currently looking at plans to approve through an Executive Order the importation of paddy rice to millers to stem the growing tide of food inflation across the country.
Muslims gearing up for the Eid El-Kabir celebrations will need to reconsider their choice of delicacy as the price of fresh tomatoes in markets across Lagos has risen by over 100% in the month of May alone.
Food inflation climbed to 40.53% in April 2024, according to the Consumer Price Index report of the National Bureau of Statistics (NBS). This represented a 15.92% increase from the 24.61% food inflation rate recorded in April 2023.
The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has listed high foreign exchange rate on imported food items, insecurity in farming communities as some of the key factors driving food inflation in the country.
Nigeria’s month-on-month food inflation declined in April for the second consecutive time following five months of consistent increase dating back to October 2023.
The cost of living in Nigeria continues to rise, with April 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, as evidenced by the data from the top 10 most expensive states.
Nigeria's current food inflation rate stood alarmingly high at 40.1% in March 2024, as revealed by recent data by the National Bureau of Statistics (NBS).
In the past one year, the price of food items especially staple foods has increased significantly. It has been adjudged that the increase in food prices is mainly due to depreciation of the naira, conflicts across the food producing regions of the country, high transportation costs and so on.