Amid economic challenges and soaring food prices in Nigeria, persistent inflation for the 12th consecutive month has reached a 20-year high of 28.92%, per the latest National Bureau of Statistics report.
This has triggered a financial crisis for many Nigerians, impacting household purchasing power and reducing overall market sales of food items. The data underscores the urgent need for measures to address the escalating economic difficulties faced by individuals and families.
BusinessDay reported, “Food inflation has also continued to soar, making thousands of households wallow in unprecedented hunger. As of December 2022, Nigeria’s food inflation was 23.75 percent. It rose from 32.84 percent in November last year to 33.93 percent in December”.
The rise in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruit, meat, vegetables, milk, cheese, and eggs, according to the NBS.
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