Tag
FOOD INFLATION
Oluseun Onigbinde, CEO, Budgit has said the incoming government administration needs to focus on tackling inflation first.
The President said he is aware of the activities of traders who artificially increase the prices of their goods, including food, at the beginning of every month of Ramadan.
The decline was driven by a steep drop in the international prices of vegetable oils, together with some declines in cereal and meat prices.
The increase can be attributed to increase in cost of importation due to the persistent currency depreciation
Nigeria has been struggling to achieve food security despite the government's focus on diversifying the economy through intensive agriculture
He also blamed insecurity and lack of proper investments for the soaring food inflation in the country
The issue of insecurity would be handled by reviewing and restructuring the entire security architecture, making it responsive and responsible
Imported food inflation in Nigeria rose to a 5-year high of 17.94% in August 2022, having consistently increased for the past three months.
Though food prices have been on the rise globally, the factors behind Nigeria’s increasing food prices are peculiar.
The World Bank has warned that import restrictions and the CBN foreign exchange policies are the main drivers of food inflation in Nigeria.
The AfDB says it will partner with African countries to combat high prices of fertilizer through improving sustainable infrastructural efficiencies.
The Federal Government has stated that the current food inflation which has been plaguing Nigerians is not just a Nigerian issue but a global one.