Price of imported food in Nigeria rises

The average price of imported food commodities to Nigeria rose to its highest level, reaching 34 per cent in one year between April 2023 and April 2024.

This represents an increase of 200 basis points from 32 per cent recorded in March 2024, according to an analysis of the Consumer Price Index report released by the National Bureau of Statistics on Wednesday.

The Federal Government had ruled out the importation of food as part of strategies to address the high costs of foodstuffs and the economic hardship troubling the country.

However, internal and external factors including global supply chain shocks following the Covid-19 pandemic and the Russia-Ukraine war, surge in global oil prices, FX scarcity and subsequent depreciation of the local currency have increased the nation’s dependence on food imports.

In April, Nigeria saw its inflation rate rise for the 16th straight month, spurred by a threefold surge in electricity tariffs and increased transportation expenses.

This represents a month-over-month increase of 0.49 per cent points in the headline inflation rate but was lower than the median estimate of eight economists in a Bloomberg survey of 34.2 per cent.

Comparing year-on-year data, the inflation rate in April 2024 was 11.47 percentage points higher than in April 2023, where it stood at 22.22 per cent. This indicates that the headline inflation rate has risen significantly over the past year.

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