NIGERIA’S IMPORTED FOOD INFLATION JUMPS TO 29.8% AS NAIRA DEPRECIATION TRIGGERS RECORD HIGH RATE
Written by Olakunle Oke on March 18, 2024
Imported food inflation in Nigeria rose to its highest level, reaching 29.8% in February 2024 from 26.3% recorded in the previous month, which represents a 352 basis points increase. This is according to analysis by journalists.
Further analysis showed that imported inflation has increased consecutively for over 4 years, largely driven by both internal and external factors.
The external factors include global supply chain shocks following the Covid-19 pandemic and Russia-Ukraine war, surge in global oil prices amongst others, while the domestic front is largely due to Foreign Exchange scarcity and subsequent depreciation of the local currency.
Source: Jordan 105.5fm
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