Food Inflation Declining As Prices Of Yam, Tomatoes Dropping – Tinubu’s Aide, Onanuga

Bayo Onanuga, Special Adviser on Information and Strategy to President Bola Tinubu, has claimed that food inflation in Nigeria is on the decline.

According to Onanuga, prices for essential food items like yam and tomatoes have seen a significant reduction.

Sharing his views on X, he stated, “Food inflation is coming down as prices of yam, tomatoes decline massively.”

He was responding to a report highlighting that the price of a basket of tomatoes had fallen sharply.

According to the report from The Cable, a large basket of tomatoes at Ketu market now sells for approximately ₦55,000 to ₦60,000, a significant decrease from the ₦150,000 it cost a few months ago.

It also noted that the price of a large basket of habanero pepper (rodo) has reduced to an average of ₦25,000, compared to ₦55,000 during the peak of the price surge.

Price Of Garri, Guinea Corn, Bread, Yam, Palm Oil, Others Reason For Increasing Inflation Rate – NESG

The Nigeria Economic Summit Group (NESG) has expressed concerns regarding the escalation of inflationary pressures within the Nigerian economy, attributing this to the escalating costs of food prices.

During a quarterly briefing on the nation’s economic forecast, the Chief Executive Officer (CEO) of the NESG, Dr Tayo Aduloju, articulated these concerns. He anticipates that the Central Bank of Nigeria (CBN) will persist in its inflation-targeting policies, potentially leading to an increase in the Monetary Policy Rate (MPR).

Inflation has been on a consistent upward trajectory in recent months, as reported by the National Bureau of Statistics (NBS), which observed a headline inflation rate of 34.19% in June.

Furthermore, the report indicated a food inflation rate of 40.87% on a year-on-year basis, marking a 15.62% increase from the rate observed in June 2023 (25.25%).