What is something new to blame for the January 29.90% inflation?
What is interesting about the food inflation measured around Nigerian states is the fact the high figures were particularly prominent in places that are known for their livestock farming and blue economy, but there are more that explain the worsening inflation situation facing Nigerians.
No matter the position of the coin, all sides point to massively strenuous difficulties both for Nigerian businesses and the households they serve and this is largely related to the recent inflation figure that pushed up to 29.90 percent this past January.
A National Bureau of Statistics (NBS) report published on Thursday, 15 February showed the top five items that Nigerians have had to pay huge sums to buy at their divisional levels. Those items are food and non-alcoholic beverages, housing, water, electricity, gas and other fuel, as well as clothing and footwear.
Transportation expenses are the fourth item on a table and then furnishings and household equipment and maintenance are the fifth concern giving people so much burden.
Much of the conversation in the country right now beyond the need to have a safe and secure existence centres on how food prices have surged significantly in a short space of time.
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The NBS explained that the food inflation rate in January 2024 reached up to 35.41 percent on a year-on-year basis. It says that the figure was 11.1 percent points higher compared to the 24.32 percent figure recorded in the same period a year ago.
Food inflation on a year-on-year basis, according to the NBS was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, oil and fat, fish, meat, fruit, coffee, tea, and cocoa.
All these consumables make up a list that households often find themselves patronising, so their sharp increases over a 12-month period will make a bleak 2024 even more severe.
What is interesting based on the food inflation measured around the states of the federation is the fact the high figures were particularly prominent in places that are known for their livestock farming and blue economy.
Places like Kogi had food inflation rising to 44.18 percent despite its proximity to other prolific producers. Kwara saw an increase of 40.87 percent and so did Rivers 40.08 percent on a year-on-year basis.
If there is any measure on the wrap aimed at tackling the unrelenting inflation headache bothering Nigerians, the federal government is making it.
Policymakers who attended a stakeholder meeting with President Bola Tinubu the day the report was released have been told to shun any idea of importing more food to thwart the shortages that even remote villages where farming takes place are experiencing.
More support is to be given to farmers by providing them a finance and land to turn the country’s situation around for good.
Ayodelé is a Lagos-based journalist and the Content and Editorial Coordinator at Meiza. All around the megacity, I am steering diverse lifestyle magazine audiences with ingenious hacks and insights that spur fast, informed decisions in their busy lives.
