Food Prices Continue to Surge Despite Dollar Crash

Food Prices Continue to Surge Despite Dollar Crash

by Victor Ndubuisi

According to the most current data from the National Bureau of Statistics (NBS), prices of goods and services have continued to skyrocket as stories of the Naira’s recent advance versus the dollar in Nigeria’s foreign exchange market flood the internet.

Food inflation reached a startling 40.01 percent in March, while headline inflation skyrocketed to 33.20 percent. Nigerians now have to pay more for necessities and services as a result.

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The NBS research notes that the cost of staple goods such rice, beans, garri, and yams has significantly increased. Inflationary pressures have also been exacerbated by growing energy prices, such as those associated with petrol, diesel, and recent increases in electricity tariffs.

Notably, the Naira has appreciated steadily versus the US dollar since February 2024; as of Monday, it was worth N1,136.04 versus the US dollar.


Ayo Teriba, the Chief Executive Officer of Economic Associates (EA), issued a warning despite this improvement in the currency rate, stating that it might take three to twelve months to see any noticeable shift in the cost of products and services in Nigeria.


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