₦airaland Forum

The reduction in the prices of Garri, Akpu(fufu), milk, and other items pushed Nigeria’s food inflation to fall by 39.53 percent in July 2024 from 40.87 percent in June of the same year.

The National Bureau Statistics July’s Consumer Price Index and Inflation data was released on Thursday.

On a month-on-month basis, the country’s food inflation rate in July 2024 was 2.47 percent, which shows a 0.08 percent decrease compared to the 2.55 percent rate recorded in June 2024.

NBS explained that the fall in food inflation can be attributed to the decline in the average prices of Garri, Akpu(Fufu), tin milk, Mudfish fish, fresh fish, date Palm fruit, Watermelon, turkey meat, and minced pork.

Meanwhile, on a year-on-year basis, July’s food inflation was 12.55 percent higher compared to the rate recorded in the corresponding Month last year.

DAILY POST earlier reports that core inflation exclusion food inflation dropped by 0.79 percent to 33.40 percent in July compared to 34.19 the previous Month.

adamusuleiman3:
https://dailypost.ng/2024/08/15/prices-of-garri-fufu-and-others-drop-as-nigerias-food-inflation-fall/

seunowa:
↪Bismarck Rewane, an economist and the Executive Director of Financial Derivatives, has said the prices of tomatoes and pepper dropped to N60,000 per basket amid the hunger protests.
Rewane, who is also a member of the Presidential Economic Coordination Council, disclosed this on Thursday in an interview with Channels Television.
According to him, the drop represents a significant price reduction when compared to the N130,000 to N150,000 a basket of tomatoes and pepper sold two to three weeks ago.
He, however, noted that the food items were sold out at perishable value.
According to him, the prices of tomatoes and pepper may increase again as business activities return to normalcy in Nigerian markets post-protests.
“Our team went into the market Yesterday(Wednesday), percent drop in the price of tomatoes to down to N60,000 per basket, the price was bold two to three weeks ago.
“Pepper has come down to N60,000 by 57 percent. I think that these are perishable goods. Because of the protests and the restrictions on movement, the goods that are on the farm are not getting to market and the ones in the market are being sold off.
“What I think will happen is that in the next few days, the price of tomatoes and peppers will increase again. Right now it is the perishable value that will be seen in the market,” he said.
Recall that in the past week, protesters had taken to the streets in major Nigerian cities, demonstrating against the rising cost of living in the country

Naira20:
They've started their lies again o...

fobiflex:
At my side over here at ojo ajangbadi lagos, garri is sold at 3400 per paint o, na half paint man fit even try buy for 1700. Na only una know where the food the drop o

atiku4President:
APC will masturbate over this for two years

SeeWahala:
It's a lie oh

Naira20:
They've started their lies again o...

RuggedBiafran:
propaganda...
this is how they are governed in the SW....
Propaganda and palliatives

Tflex01:
That is the problem. It is very important that we understand the impact of social media in price of commodities these days.

People are very quick to spread the news of "one yam is now 20k" but will ignore the one that says she buys ten yam for 5k and even call them a liar.

Unfortunately when another seller that suppose to sell his own cheaper sees the post of 20k, he quickly jerk his market up to 20k as well even if he's profitable at the normal price.

Social media is playing a direct role here.

adamusuleiman3:
https://dailypost.ng/2024/08/15/prices-of-garri-fufu-and-others-drop-as-nigerias-food-inflation-fall/

Naira20:
They've started their lies again o...