Tag
FOOD INFLATION
The average cost of making jollof rice across major cities in Nigeria nearly hit the N17,000 mark as of March 2024.
Despite a significant rise in food inflation, Nigerians get to sigh a breath of relief as the price of a 50kg bag of rice falls between 65,000 and 55,000 in most places in the country for the first time in months.
A new report by Save the Children has projected that one in every six children which is 15 million in Nigeria will go hungry during the period starting from June 2024.
The headline inflation in March 2024 hit 33.20% relative to February 2024 which stood at 31.70%. Inflation in the country has been increasing steadily as the figures continue to flirt around high double-digit numbers
In March 2024, Nigeria’s inflation rate increased to 33.20% from 31.70% recorded in February 2024. However, food inflation for the month under review clocked 40.01% from 37.92% recorded in the previous month.
Nigeria’s inflation rate increased to 33.2% for the month of March 2024 according to the latest data from the National Bureau of Statistics (NBS).
The World bank has estimated that Nigeria’s inflation rate would drop to around 24.8% this year and further slide to 15.1% by 2026.
The Lagos State Commissioner of Agriculture, Miss Abisola Olusanya, has said on Wednesday that the administration is working to enforce regulations on the price of food items in the State.
Apart from the insecurity that keeps farmers away from producing food, which creates scarcity, there are other factors contributing to food inflation that the government appears to have turned a blind eye to.
The United States government on Thursday, March 21, said it has invested $200 million in food security in Nigeria in the last five years.
The federal government has disclosed its purchase of N58,500 tons of milled rice from the rice farmers association with the aim of stabilising the market across Nigeria
Imported food inflation in Nigeria rose to its highest level, reaching 29.8% in February 2024 from 26.3% recorded in the previous month, which represents a 352 basis points increase.