Food prices soar as inflation hits 11-year high

Food prices soar as inflation hits 11-year high

In the past six months, the prices of essential food items have risen significantly in consonance with the rising level of inflation in the country, which hit an 11-year high of 16.5 per cent last month. The National Bureau of Statistics on Monday released the Consumer Price Index, which measures inflation, stating that the country’s inflation rate rose from 15.6 per cent in May to 16.5 per cent in June.

June’s rise in the inflation rate represents one of the highest to be recorded by the country over a decade.

Stakeholders in the food supply chain, in separate interviews with one of our correspondents, attributed the hike in food prices to the poor state of the economy occasioned by the declining supply of commodities, rise in fuel price and the devaluation of naira. Wholesale and retail traders in Lagos complained that every time they decided to stock new supplies of food items, the prices would have been increased by the suppliers. Read more

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