The National Bureau of Statistics (NBS) has reported a staggering increase in food inflation to 40% in March, marking a significant rise of 15.56 percentage points compared to March 2023. Despite Nigeria’s vast arable land, the country continues to grapple with a food crisis exacerbated by insecurity and climate change, hindering bumper harvests needed to feed the nation.
Residents have been affected by the skyrocketing prices of food commodities, leading to incidents of looting trucks and warehouses in desperation. Despite assurances from President Bola Ahmed Tinubu to address the rising cost of food, the situation persists unabated.
NBS highlighted the year-on-year increases in prices of various food items, including garri, millet, akpu, yam tuber, dried fish, palm oil, vegetable oil, beef, coconut, watermelon, and popular beverages like Lipton tea, Bournvita, and Milo. The ongoing inflationary trend poses significant challenges for Nigerian households, underscoring the urgent need to alleviate food insecurity.
Source: Daily Trust