Imported Food Prices Soar By 37.65%

Imported food prices in Nigeria have defied government interventions, increasing by 37.65 per cent between January and December 2024, according to the latest Consumer Price Index report released by the National Bureau of Statistics.

The report said the average price of imported food commodities to Nigeria rose to its highest level in December, recording an increase of 260.8 basis points from 692.6 per cent recorded in January 2024.
Our correspondent also observed that the price of imported food has been on a monthly upward trajectory since 2020.

The data highlighted a significant rise of 41.28 per cent per cent year-on-year increase in December 2024, marking a 278.6 percentage point.