THERE are huge concerns that macroeconomic fundamentals are revealing that Nigeria’s inflation figures for July will be much higher than what was reported in June.
This is expected to worsen the citizens’ suffering as the 150-day import duty-free incentive and 20 truckloads of rice to each state and Federal Capital Territory are not expected to cushion rising food prices as they are knee-jerk and not a long-lasting solution.
On Monday, July 15, the country’s National Bureau of Statistics (NBS) released the July inflation figures, reporting that headline inflation rose to 34.19 per cent in June from 33.95 per cent in May.
Food inflation, the major driver of the pressure, increased to 40.80 per cent in June from 40.33 per cent in May.
According to the NBS report, the inflation figures increased on a year-on-year and month-on-month basis.
Garri, yam, groundnut oil, palm oil, and millet were items that spiked the rise in food inflation while meat, eggs, and chicken that contain protein were absent from the food items.
At 34.19 per cent, Nigeria’s inflation is now at a 28-year high and has increased for 19 months consecutively..
To cushion the impacts of inflation, the federal government recently announced a few measures.
On July 8, the federal government approved a 150-day duty-free waver for rice, maize, and wheat to address rising food inflation in the country by suspending the tariff on imported food items through both land and sea borders.
A bold step, however, the measure might not deliver a lasting solution to the country’s food insecurity, experts said.
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