@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Your email address will not be published.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

FMC Abeokuta Is Dying — and One Man Backed by Powerful People is Behind it

Chi Limited Begins Temperature Check for Indians After FIJ Story

Foetus Not Yet Flushed Out of #ENDSARS Protester Who Had Miscarriage in Prison

Osun Received N1.5bn in Pandemic Donations but Turned its Back on People with Disabilities

Parents of Kidnapped Kaduna Students Left to Their Fate Two Weeks After Abduction

EXPOSED: How Ireti Doyle’s Daughter, Kachi Onyeluo, Duped Hair Enthusiasts of Over N40million

Road Users Groan as Police in Rivers Restrict Vehicular Traffic to Prevent Sudden Attacks

Tomi Waziri

Tomi Waziri Lost Both Eyes When He Was Shot by Robbers. Now, His Life Goal is to ‘Make People Happy’

Senate Confirms Bawa As EFCC Chairman as Magu’s Corruption Case Lingers

Rivers Man Killed by Vigilante Group for Rejecting Their Fake N1,000 Note

Advertisement