Inflation: Households struggle to cope with galloping food prices

A Financial survey reveals that skyrocketing food prices in Nigeria have forced many households to adopt alternatives like tomato paste and palm fruits instead of fresh produce. The National Bureau of Statistics reported over a 200% increase in prices for staples like tomatoes, beans, and garri within a year, leading to widespread hardship.
Market sellers are also facing poor sales due to high transportation costs and insecurity in farming regions. In response, the Federal Government has suspended import duties on essential foods and is working to improve food security through new farming techniques.
Source: Vanguard

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The surge in food prices in Nigeria, with staples like tomatoes, beans, and garri increasing by over 200% in a year, has led many households to adapt by switching to cheaper alternatives such as tomato paste and cocoyam. This price hike has caused widespread hardship, forcing families to cut back on more expensive items and impacting market sellers due to decreased consumer spending.
This situation affects the entire agri-food value chain, from production to consumption. High costs and insecurity disrupt supply chains, leading to reduced availability and affordability of fresh produce. The government’s measures, which includes suspension of import duty and advanced farming methods, aim to stabilize prices, boost production, and enhance food security. These steps are crucial for making informed decisions and fostering sustainable growth in Nigeria’s agricultural sector.