Analysts Seek Boost in Food Production as Inflation Rises from 11.2% to 11.6%


ead2d10a consumer price index cpi

James Emejo in Abuja and Nume Ekeghe in Lagos

Analysts yesterday urged the federal government to ramp up support for local agricultural production across the value chain as the Consumer Price Index (CPI), which measures inflation again rose to 11.61 per cent (year-on-year) in October, occasioned mainly by increase in the food index.

The experts called on the government to make fundamental interventions aimed at redirecting the energy and resources of the country, particularly human resources and drive output, as a way of responding to current inflationary pressures.

They further attributed the rising inflationary pressures to the continued border closure, which had resulted in demand-push inflation as products from neighbouring countries could no longer reach the Nigerian markets, thereby leading to scarcity.

The headline index rose to 11.61 per cent (year-on-year) in October 2019, compared to 11.24 per cent in the preceding month,…

Source: Thisday Newspaper