Alarming: The High Rise in Food Inflation in Nigeria

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Food inflation has risen to an all time high in Nigeria with increase in unemployment and rise in all costs of living, kicking more Nigerians below the poverty line, and the value of Naira crashing down.

Governmnet has in various occasions blamed these economic woes on the outbreak of COVID-19 pandemic that ravaged the world helath and economic systems.

Inflation, in double digits since 2016, reached 17.33 percent, driven by the impact of a coronavirus epidemic that has also induced a drop in the price of oil, Nigeria’s main export, and weakened the naira currency.

READ ALSO:Nigeria suffers highest inflation rate since March 2018

According to the National Bureau of Statistics (NBS), Food prices, which make up the bulk of the inflation basket, rose 21.79 percent in February, a jump of 1.22 percentage point in January.

However, observers have said that the major cause of inflation is the inability of the government to diversify the economy, and when the price of oil was dropped, it has a direct effect on the economy.

Others say it is because the government never planned for any rainy day with increasing debt profile from borrowing.

Today, Leakblast News business desk takes a quick look at prices of some stable foods in the market

ITEMS PRICE IN 2019 PRICE IN 2021 DIFFERENCE
RICE 50KG 31000 27000 4000
BEANS 50KG 32000 32000 0.00
TOMATO BASKET 18000 15000 3000
GARRI 50KG 5300 13325 8025
POTATO 50KG 4300 18000 13700

 

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