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Published in Economy
The prices of food items in Nigeria has gone up again for the second consecutive month. This was revealed by the National Bureau of Statistics (NBS) in its release of the food price index for April 2022.
May 20th, 2022
The prices of food items in Nigeria has gone up again for the second consecutive month. This was revealed by the National Bureau of Statistics (NBS) in its release of the food price index for April 2022.
The index, which measures general price levels per period is used in estimating the current level of inflation compared to a previous period.
This April, the food price index rose to 18.37%, from 17.20% in March, and 17.11% in February. In January, this change in the level of food prices was 17.13%.
The food price situation in April was attributed to a significant rise in the prices of Bread and Cereals, Potatoes, Wine, Fish, Meat, Oils, among others.
This comes against the background of recent warnings that Nigeria may be plunged into a food crisis if the prices of essential food commodities continues to rise unabated.
Dataphyte reported earlier that 19 million persons have been projected to be hit by hunger by August 2022, up from the initial 14 million persons estimated in March this year.
Besides, the World Food Programme estimated that 8.7 million people are already facing food insecurity in the North Eastern part of the country.
Nigeria’s Food Inflation may also worsen the country’s poverty count, where over 60% of the country’s population below the poverty level.
Different issues have been attributed to Nigeria’s current food inflation. Among them is the declining food production which creates scarcity and high prices. This resulted from current farmers-herders crisis in the country and climate change.
A recent Dataphyte report noted that, while all food items are now relatively expensive in the country, there is little or no room for cheaper food alternatives.
Although, the Nigerian government has restated its commitment to end the surging food prices, data shows the situation is worsening.
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The prices of food items in Nigeria has gone up again for the second consecutive month. This was revealed by the National Bureau of Statistics (NBS) in its release of the food price index for April 2022.
