Nigeria’s imported food inflation reached 42 per cent in November 2024, according to the Consumer Price Index report released by the National Bureau of Statistics (NBS).
This amounts to a significant rise from 23.74 per cent recorded in November 2023, marking an 18.55 percentage year-on-year increase.
On a month-on-month basis, the inflation rate rose from 40.96 per cent in October 2024, a 1.33 percentage point rise in just one month.
The data highlights the relentless upward trajectory of imported food inflation throughout 2024, which began at 26.29 per cent in January.
By October, the inflation rate had crossed the 40 per cent threshold, and November’s figure of 42.29 per cent is the highest recorded in the past two years.
This sharp rise has been attributed to multiple factors, including currency devaluation, global supply chain disruptions, and inefficiencies in domestic policies.
The Federal Government’s attempt to address the situation through a duty waiver on imported food has been fraught with delays.
In July 2024, the Federal Government announced a 150-day duty-free import window for food commodities as it stepped up efforts to tackle rising inflation, which had impoverished many Nigerians.
The commodities include maize, husked brown rice, wheat and cowpeas. Under this arrangement, imported food commodities will be subjected to a Recommended Retail Price.
It was designed to reduce import costs and make staple foods more affordable. However, the implementation has stalled due to bureaucratic delays.
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