Households’ woes worsen as inflation sets new 28-year record

• Economists say fiscal authorities not doing enough

The food year-on-year at 40.53 per cent also slowed down to 2.5 per cent month-on-month, which is another first in 2024. Despite all that, the nation’s headline inflation rate has continued its upward trajectory, hitting an all-time high of 33.69 per cent in April, an increase of 0.49 per cent points when compared to the March 2024 headline inflation rate.

The high cost of transportation, which rose by 79.17 per cent in March this year and insecurity that has made it difficult for farmers, especially those in the northern part of the country to go to their farms, thus creating food shortages, are said to be the main drivers of the inflation. President Bola Tinubu in July last year declared a national emergency on food security, as record inflation made basic foods unaffordable for many. Ten months later, the situation has even worsened with prices of basic food hitting the rooftops. For instance, the NBS report on the prices of selected food items for March 2024, showed that the price of rice rose by 152.93 per cent, beans by 106 per cent, garri by 112 per cent and yam by 141.25 per cent in the last year.

While conceding that inflation was higher than he had hoped, the CBN governor blamed it on what he called ‘distortions’ mainly because of high food prices, saying, “That is something that is not directly within our control.” For him, complaining about food inflation and doing nothing tangible to control terrorists driving farmers away from the land is not a best practice.

But Emmanuel was quick to caution that relying on the Central Bank alone to fight inflation with tools like MPR, CRR, and asymmetric corridor, while the apex bank has released guidelines for recapitalization of banks as a tool to increase their asset quality is a bad idea. According to him: “There was also a slight drop in the price of diesel during that month. So that may have contributed to the slow upward movement.”

A group, under the auspices of the Concerned Ekiti APC Stakeholders, yesterday, expressed disappointment over the way Governor Biodun Oyebanji’s recent appointments have favoured opposition figures in the state.

Central Bank Of Nigeria Food Inflation Mohammed Fall

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