Food market
• Surging food prices push inflation to 18.17%, highest in four years
• Households consumption expenditure drops as govt expenditure rises
• Insecurity aggravates food inflation as expert demands local substitution
Nigerians have been struggling with some unpleasant news lately, especially from the National Bureau of Statistics. Many were however not jolted by the NBS latest reports, which showed that Nigeria’s inflation rate surged to 18.17%, amid high food prices, the highest in four years.
Also accompanying the inflation figure was NBS reports showing consumption expenditure of Nigerian households fell in full-year 2020, while that of the government increased during the same period. It was also learned that the disposable income declined in Q4 of 2020. At the time consumption expenditure dwindled among Nigerians, that of government rose to 61.58% in 2020.
Stakeholders have expressed concerns about the country’s mounting inflationary pressure on static…
Source: Guardian Newspaper
