Food Prices Hit 8-Year High, As Buhari Tasks Economic Team

  |   Nigeria News

The National Bureau of Statistics, NBS, stated in its latest report released yesterday, that food price pressure continued into July as all major food sub-indexes increased, with food inflation in the country rising by 20.28 percent year-on-year (YoY) in July.

According to the NBS, this represents the highest year-on-year increase in food prices since 2009. The report came on the day President Muhammadu Buhari charged the Finance Minister, Mrs Kemi Adeosun,& others to rev up efforts to quickly steer the economy out of recession, but expressed delight at the improvement the economy had made.

In the report, the NBS noted that the food index in July was up by 0.37% over 19.91% recorded in June. The report further stated that the rise in the food index was caused by an increase in prices of bread and cereals, meat, fish, oils and fats, coffee, tea and cocoa, potatoes, yam, and other tubers and vegetables.

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