High Prices, 15.92% Inflation, Nigerians Spend 56% On Food

High Prices, 15.92% Inflation, Nigerians Spend 56% On Food

Author: Africa Business Radio April 20, 2022 Duration: 44:36
News Express
Business
The global surge in food prices is taking a toll on emerging and developing economies and Nigerians now deploy over 56 per cent of their total spending on food as food inflation in the country heads to 18 per cent after printing 17.20 per cent year on year in March 2022, current figures from the National Bureau of Statistics shows.
Average commodity prices in Nigeria rose by almost 127 per cent between 2020 and 2022 depicting the reality on the ground with consumers still getting stretched, squeezed and embattled at a time official inflation is at 15.92 per cent, rising for the third consecutive month in 2022.
The purchasing power of Nigerians remains eroded by the continued onslaught on the naira, a pressure that is trading at about N600 to the dollar in the parallel market.
The continuing face-off between Ukraine and Russia finally registering in the country, continues to mount pressure on commodity prices domestically

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