Nigerians Still Struggling With High Food Prices Despite Decline In Inflation

Nigerians Still Struggling With High Food Prices Despite Decline In Inflation

While the National Bureau of Statistics (NBS) reported a decrease in inflation to 23.18% and 23.51% in February 2025, which was hailed by government officials and supporters as a sign of economic improvement, the reality on the ground remains different. Food prices are still elevated, transportation costs continue to rise, and families are struggling to afford essential goods.

Despite President Bola Tinubu’s assertions that his administration’s policies have led to a stabilization in the foreign exchange rate and a reduction in food prices, recent findings show that while some food prices have slightly dropped since December 2024 and January 2025, they have not returned to the more affordable levels that were seen at the beginning of his term…READ MORE….

Current Food Prices Compared to December/January:

• Bag of Rice: ₦70,000 – ₦75,000 (current) vs. ₦82,000 – ₦85,000 (December/January)

• Bag of Beans: ₦80,000 – ₦85,000 (current) vs. ₦102,000 (December/January)

• Tuber of Yam: ₦3,000 (current) vs. ₦4,000 – ₦5,000 (December/January)

• Bag of Garri: ₦38,000 – ₦40,000 (current) vs. ₦48,000 (December/January)

• 25L Palm Oil: ₦48,000 (current) vs. ₦60,000 (December/January)

• 25L Groundnut Oil: ₦60,000 (current) vs. ₦90,000 – ₦100,000 (December/January)

While there have been slight reductions in some food prices, many Nigerians remain doubtful about the official inflation figures, as they do not seem to translate into meaningful relief on the ground.

Why Food Prices Remain Elevated

Global affairs analyst Gbenga Onifade explained that despite the noticeable decrease in inflation, food prices have not dropped accordingly due to market dynamics. Traders and investors often anticipate future conditions and are hesitant to reduce prices immediately after an inflation drop. This cautious approach ensures they continue to make profits, with only partial reductions being passed on to consumers. Additionally, the ongoing insecurity, unrest, and terrorism in Nigeria disrupt supply chains, complicating the reduction of prices.

Onifade also noted that while the government has introduced short-term palliatives, these measures alone cannot tackle the root causes of inflation. A more comprehensive approach is required, including policy reforms, infrastructure development, and significant investment in agriculture to bring about sustainable relief.

Until these underlying issues are addressed, the gap between official statistics and the lived reality of many Nigerians will persist. For now, many Nigerians are left hoping that genuine economic relief will eventually reach them, beyond the statistical figures.