By Bronson Jayamanna
NIGERIA (CWBN)_ During the past years, the Central Bank of Nigeria has pumped hundreds of billions to the country’s local agricultural sector to no avail, as more and more Nigerians go hungry due to the rising costs of food and other essential items, far beyond their reach.
On Monday (November 16), the National Bureau of Statistics (NBS) reported that the food index – a part of the Consumer Price Index (CPI) had risen further to a value of 17.38 per cent for the month of October when compared to the 16.66 per cent value that was noted a month previously.
In general, the rate of inflation has risen to 14.23 per cent in October 2020 (year-on-year basis) when compared to the 13.71 per cent that was registered in September 2020. The significant determining factors for the rise of food inflation were noted as the increase in the prices of grains, vegetables, fruits, meat, fish, beverages, and oils and fats.
A further deduction of the report reveals that the October figures suggest a consistent increase during the past 14 months and the highest to be recorded since March 2018.
The most elevated increments were recorded in costs of healthcare services and medicines, land and air transport, motor vehicles and their upkeep, personal hygiene and grooming establishments, and other miscellaneous services relating to accommodation, medical services and footwear.
The resonant rise in inflation signifies the grim outlook in the loss of the purchasing power of consumers, during a time that the current economy is on the brink of recession, identified by the growing prices of essential food items and service-related fees.
Edited by Elishya Perera
