@csrf

15.04.2021 news Nigerians to Battle With High Cost of Food as Inflation Rises to 22.95%

Published 15th Apr, 2021

By Socrates Mbamalu

The high cost of food is set to be one of the major challenges Nigeria will be dealing with as the rate of food inflation keeps rising.

According to the latest report pf the National Bureau of Statistics (NBS), food inflation rose to 22.95 per cent in March, a 1.16 per cent increase from February. The highest increases were recorded in meat, vegetables, fruits, fish, yam and oil.

The NBS recorded headline inflation at 18.17% in March 2021 from 17.33% in February 2021. Food inflation at 22.95% in March 2021 from 21.79% in Feb 2021. And core inflation at 12.67% in March 2021 from 12.38% in February 2021.

Food inflation started in August 2019 after President Muhammadu Buhari ordered that the country’s borders be shut. This led to sharp increase in food prices and a monthly inflation. By  January food inflation was at 14.85 percent, the highest in two years. The border closure which lasted for 16 months was meant stop the smuggling of rice, and frozen chicken which comes into Nigeria through Benin Republic.

In 2018, the Nigerian government approved a 60bn Naira ($222m) subsidy for rice farmers. However, rice production continues to remain a challenge. Rising food prices are set to drive more Nigerians into poverty and have uncertain impacts on food securityFood and Agriculture Organization listed Nigeria as part of the 42 countries that needs external assistance for food.

The flood disaster in Kebbi State and other states across the country destroyed large hectares of crops. This further affected harvest in the country. The rising inflation in the country spells for harder times to come. With 43% of Nigeria’s population living below the poverty line, the inflation will make more people poor.

Leave a Reply

Your email address will not be published. Required fields are marked *


Published 15th Apr, 2021

By Socrates Mbamalu

Advertisement

Our Stories

FIJ Longlisted for One World Media Award — 3rd Time in a Row

Okuama Resident Who Said Slain Soldiers Were Not for Peacekeeping on Army’s Wanted List

Month-Long Power Outage Forces UCH Doctors to Perform Surgeries With Phone Lights

Army Names 8 People Wanted for Okuama Massacre

LP Reserves 2027 Presidential Ticket for Obi

‘For His Disability, KFC Humiliates Ex-Governor Gbenga Daniel’s Son at Lagos Airport’

Jail

Lagos Resident Sentenced to Life Imprisonment for Sexually Assaulting 5-Year-Old

JUST IN: Despite Opposition, LP Re-Elects Julius Abure as Chairman

Overland Airways

Overland Airways Refunds Lawyer’s N348,000 After FIJ’s Story

Naira

Naira Gains Value, Exchanges for N900 Per Dollar in Lagos

Advertisement