Food prices in Nigeria continue to rise despite increase in naira value

There seems to be no respite for Nigeria ns on food prices despite the rise in naira value as the March inflation figure rose to 33.20 per cent.

According to the NBS, the March 2024 headline inflation rate showed an increase of 1.50 per cent points when compared to the February 2024 headline inflation rate. NBS explained that the rise in food inflation on a year-on-year basis was caused by an increase in prices of garri, millet, bread and cereal, yam, dried fish, meat, and fruits.

According to him: “When the exchange rate was N1,900/$, people said it is because we are not producing and therefore exporting nothing, now that it has come down to N1,100/ $, what are we producing? He added: “I think we would seek a peak in inflation when the impact of stronger and stable naira begins to kick in on the prices of commodities around the end of Q2 – especially for the ones exposed to exchange rate risk.”

The CBN had at its last Monetary Policy Committee meeting, raised Nigeria’s interest rate from 22.75 per cent to 24.75 per cent to curb inflation. This interest rate increase has attracted mixed reactions from economic experts who believe the policy will hurt the economy more than it will help to bring down inflation.

“The cost of the increase is more than its benefit,” he said, adding “When you are combating inflation and you increase the interest rate so high, it will discourage investment and when you discourage investment you bring down the GDP. Of course, the forex will grow because foreign investors will come in with their portfolio investments, but whether they will invest in the real sector, the answer is no.

Nigeria’s power grid, operated from Osogbo in Osun State, collapsed in the early hours of yesterday, throwing the country into nationwide darkness amid ongoing furore over the hike in electricity tariff for premium consumers.

Nigeria Food Prices Inflation Naira Value Central Bank Of Nigeria

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nigeria’s food inflation surges by 40.01% in MarchNigeria's food inflation surged to 40.01 per cent annually, which is 15. points higher compared to the rate recorded in the corresponding month last year. The National Bureau of Statistics, NBS, disclosed this in its latest consumer price index and inflation report. The figure showed that the country's inflation surged by 3.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

March 2024 Recorded as Hottest March on Record, According to Copernicus Climate Change ServiceThe European Union's Copernicus Climate Change Service (C3S) reported that March 2024 was the hottest March on record, with temperatures breaking the previous high set in March 2016. This marks the 10th consecutive month of record-breaking temperatures globally.
Source: thecableng - 🏆 2. / 80 Read more »

Nigeria recorded over $1.5bn FX inflow in March, says CBNNigeria's independent online newspaper
Source: thecableng - 🏆 2. / 80 Read more »

Nigeria Records 1,580 Human Rights Violations in MarchThe National Human Rights Commission reveals that Nigeria experienced 1,580 human rights violations in March, including killings, kidnapping, domestic violence, and abductions.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

Nigeria's Inflation Rate Expected to Rise in March 2024According to CAPE Economic Research and Consulting, Nigeria's consumer price index is projected to increase to 32.65% in March 2024, with food and core inflation expected to surge to 38.2% and 25.13% respectively.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

OPEC: Nigeria's oil production dropped by 6% to 1.23m bpd in MarchThe Organisation of Petroleum Exporting Countries (OPEC) says Nigeria’s average daily crude oil production dropped to 1.23 million barrels per day (bpd) in March 2024.
Source: thecableng - 🏆 2. / 80 Read more »