Prices of imported food items skyrocket to 105.03% in Nigeria

CPI Report Delivers Alarming Economic Insight. In a significant development, the National Bureau of Statistics (NBS) has released Consumer Price Index (CPI) data, showcasing a remarkable escalation in the cost of imported food within Nigeria's economy.

The average price index for imported food has more than doubled from 337.8 in January 2020 to a staggering 692.6 in January 2024, marking an unprecedented rise of 105.03%.

The CPI, a crucial economic indicator, provides insight into the changing prices paid by urban consumers for a basket of goods and services, including food.

This notable increase raises concerns about the economic implications for consumers and the broader Nigerian economy, warranting a closer examination of the underlying factors at play."

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