Imported Food Prices Soar by 42% in Nigeria

Nigeria’s Imported Food inflation soared to 42.29% in November 2024, as revealed by the Consumer Price Index report from the National Bureau of Statistics.

This marks a sharp increase compared to the 23.74% recorded in November 2023, representing an 18.55 percentage point rise year-on-year.

On a monthly basis, the inflation rate climbed from 40.96% in October 2024, reflecting a 1.33 percentage point increase within a single month.

The data underscores a persistent upward trend in imported food inflation throughout 2024, starting at 26.29% in January. By October, the rate had exceeded 40%, with November’s 42.29% figure being the highest in two years.

This steep rise has been linked to several factors, including currency devaluation, global supply chain disruptions, and inefficiencies in domestic policy execution.

Efforts by the Federal Government to address the crisis, such as introducing a duty waiver on imported food, have faced significant delays.

In July 2024, the government announced a 150-day duty-free window for importing key food items like maize, husked brown rice, wheat, and cowpeas.

This initiative aimed to lower import costs and make staple foods more affordable by subjecting imported commodities to a Recommended Retail Price.

However, implementation has been hampered by bureaucratic hurdles.

According to The PUNCH, the average price of imported high-quality rice has surged by 144.77% year-on-year due to delays in enforcing the duty-free policy.

Since the policy’s announcement, the price of one kilogram of imported rice has risen by 3.21%, increasing from ₦2,329.05 in July to ₦2,403.86 in September.

Punch Newspaper