Tag
FOOD INFLATION
In February 2024, Nigeria’s headline inflation rate rose to 31.70%, up from 29.90% in January 2024, marking an increase of 1.80%.
The Central Bank of Nigeria (CBN) has made a substantial contribution to the agricultural sector by donating over 2 million bags of fertilizers, with a total value of N100 billion, through the Federal Ministry of Agriculture and Food Security to farmers.
The federal government is planning the release of around 58,500 metric tonnes of milled rice to the market as a measure to stabilise the market.
Minister of Works, David Umahi, has said President Bola Tinubu-led administration is not responsible for the present economic hardships in the country.
With food inflation at 35.41%, Nigerians grapple with the rising cost of food items and low purchasing power in the country.
The Senate President, Godswill Akpabio, has said that the federal government, through the federal inland revenue (FIRS) has remitted an extra N30 billion to each state governor of the federation to address the soaring cost of living in their respective states.
Vice President Kashim Shettima has said that the federal government is working to create about 5 to 10 million jobs in the agricultural sector to tackle food inflation in the country.
Nigerian households are expected to spend more of their December income on food items such as rice, bread, yam, vegetables, and tomatoes as food inflation hits 32.84%.
The recent lifting of foreign exchange restrictions on 43 items by the Central Bank of Nigeria (CBN) has sparked a debate among financial experts on its expected impact on rising food inflation in the country.
USAID has warned Nigeria and other African countries to brace up for higher food prices, following recent developments that have temporarily halted Ukraine’s food exports to African countries.
Nigeria's food inflation has surged to alarming levels, reaching a year-on-year rate of 25.25% as of June 2023 a significant 4.65% points higher than the previous year's 20.60%.
Headline inflation maintained its upward trend in April albeit at a moderate pace, 18bps higher than the 22.04% recorded in March.