Nigeria’s imported food inflation has skyrocketed to 42.29% in November 2024, according to the Consumer Price Index report released by National Bureau of Statistics. This is a significant jump from 23.74% in November 2023, and it’s the highest rate in the past two years.
The inflation rate has been steadily increasing throughout 2024, starting at 26.29% in January and crossing the 40% threshold by October.
The main factors contributing to this sharp rise are currency devaluation, global supply chain disruptions, and domestic policy inefficiencies.
The Federal Government’s attempt to address the situation through a duty waiver on imported food has been riddled 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.
It was earlier reported that the average price of imported high-quality rice has surged by 144.77 percent year-on-year as the Federal Government delays implementing its duty-free food policy.
Since the announcement of the policy, the price of one kilogramme of imported rice has risen by 3.21 percent, climbing from N2,329.05 in July to N2,403.86 in September.
The delay in implementing the duty-free food policy has made it challenging for Nigerians to access affordable staple foods.
