Nigeria’s food inflation surged to 37.92% in February 2024, up from 35.41% in January 2024, according to the latest consumer price index and inflation report released by the National Bureau of Statistics (NBS). This represents a significant 2.51% month-on-month increase in food inflation, underscoring the economic challenges facing the country.
Compared to the same period last year, food inflation rose by 13.57%, a stark contrast to the 24.35% recorded in February 2023. The substantial year-on-year increase highlights the persistent pressure on food prices, exacerbating the financial strain on households.
The uptick in food inflation can be attributed to several factors, including the month-on-month rise in the prices of essential food items such as bread and cereals, potatoes, yams, and other tubers, as well as fish. These price increases reflect the growing cost of production, distribution, and supply chain disruptions, all of which contribute to the overall inflationary pressure.
This spike in food inflation comes against the backdrop of a broader increase in headline inflation, which rose to 31.70% in February from 29.90% recorded in January 2024, as reported by DAILY POST. The upward trend in inflation underscores the persistent challenges facing Nigeria’s economy, including currency depreciation, rising energy costs, and supply chain disruptions.
The soaring food prices pose a significant burden on Nigerian consumers, particularly low-income households, who spend a significant portion of their income on food. The inability to afford basic food items further exacerbates poverty and food insecurity, creating social and economic challenges for the country.
Addressing the root causes of food inflation requires a multi-faceted approach, including improving agricultural productivity, investing in infrastructure, enhancing market efficiency, and implementing targeted social safety nets to support vulnerable populations. Additionally, policymakers must prioritize macroeconomic stability and fiscal discipline to mitigate inflationary pressures and promote sustainable economic growth.
It only takes grace for an average man to feed in this period of food inflation.we pray for God’s intervention
Where are you located and how much is bag of water ?
My brother we really needs God intervention
We are eating money now.imagine make good of 1500 no belle full person
God should just help us put everything back in place cuz this increase is not for me
It’s really not easy for the mases…..government needs to subsidies for fuel