Business and Economy

Nigeria’s Food inflation worsens and hits 30.64% in the month of September 2023

Nigeria’s headline inflation rate rose to 26.72% in September 2023, according to the Consumer Price Index (CPI) and inflation data published by the National Bureau of Statistics (NBS). This figure was 0.92% higher than the 25.80% reported in August 2023, the previous month.

The headline inflation rate was 5.94% points higher year over year in September 2022 than it was in September 2022 (20.77%). Core inflation increased to 21.84%, transportation inflation to 27.18%, and food inflation to 30.64% during the reviewed month.

A double-digit inflation rate lowers the standard of living and purchasing power. Fighting inflation requires a deliberate shift in focus toward bolstering homegrown industries in order to meet regional demand and lessen reliance on imports.

With food inflation reaching 30.64% and food insecurity in Nigeria, it is clear that reducing food inflation will require a deliberate effort to strengthen agricultural resilience and boost food production.

Therefore, in order to ensure year-round farming, the government must implement irrigation projects and bolster security measures in conflict-prone areas. It must also supply farmers with necessary resources like fertilizer and disease-resistant seedlings to increase agricultural productivity and, consequently, the availability of food. SOURCE: CSEA AFRICA

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