Prices of essential food items have surged by at least 30 per cent between December and April in eight states, according to surveys conducted by our correspondents. This development has left consumers grappling with higher prices, impacting their budgets significantly.
Despite the recent rebound of the naira, prices of food items have continued to soar across the country. President Bola Tinubu's commitment to ensuring a rebound of the local currency reflected in commodity prices has seen action, with operatives of the Federal Competition and Consumer Protection Commission raiding some Abuja supermarkets over unfair pricing. They vow to extend this crackdown to other states.
However, recent findings by our correspondents reveal that prices of basic food items like beans and garri have risen by at least 30 per cent. Surveys conducted in Lagos, Ogun, Gombe, Kwara, Sokoto, Ekiti, Osun, and Niger states confirm this trend.
In the past few months, major food items' prices have continued to rise, especially after Tinubu removed the petrol subsidy and devalued the naira. As inflationary pressure deepens, Nigerians are finding it increasingly challenging to afford essential food items, exacerbated by the naira's depreciation against the dollar and other foreign currencies like the CFA between February and March.
As the naira appreciates in the foreign exchange market, there were high hopes that food prices, which rose alongside the dollar, would decrease. However, findings indicate that only rice prices have reduced. As of Wednesday, prices of beans, garri, and other items remain high despite the naira's appreciation.
