Price Probe: CADEF Urges Investigation into Skyrocketing Food Costs Amidst Market Disparities

Price Probe: CADEF Urges Investigation into Skyrocketing Food Costs Amidst Market Disparities

Consumer Advocacy and Empowerment Foundation (CADEF) has sounded the alarm on the alarming surge in food prices across Nigeria, calling for a thorough investigation into the root causes of this sustained increase….Read More Related Story Here Agro-Revolution Unleashed: AfDB To Inject $540 Million Into SAPZs Development, Nigeria’s Food Security In Focus

Recent research conducted jointly by Consumers International and CADEF has unearthed troubling trends in the country’s food pricing landscape. The study, spanning six geopolitical zones and analyzing price fluctuations between November and December 2023, highlights a consistent acceleration in retail prices compared to wholesale rates.

Beans, yam, rice, chicken, and maize are among the key commodities witnessing significant spikes in prices, exacerbating the burden on consumers nationwide.

In response to these findings, CADEF has emphasized the urgency of national authorities conducting a comprehensive probe to ensure fairness in food markets, particularly in areas of concern. The organization’s previous research in August had already flagged a concerning surge in consumer prices relative to wholesale rates, raising questions about equity within the market.

Consumers International, in collaboration with stakeholders, has developed the Fair Food Price Monitor, a tool aimed at tracking price dynamics across the supply chain using data from reputable sources. This initiative underscores the importance of data-driven decision-making in addressing market imbalances and safeguarding consumer interests.

Davine Minayo, a Specialist in Fair Food Prices in Africa at Consumers International, stressed the significance of understanding the factors driving these price fluctuations, emphasizing the need for ongoing analysis and stakeholder engagement.

CADEF’s Executive Director, Prof. Chiso Okafor, emphasized the need for regulatory intervention to curb unfair practices contributing to the burden on consumers and farmers.

In light of these challenges, stakeholders are urged to collaborate closely with farmers and distributors to address concerns at both the farmgate and retail levels. This collective effort, coupled with government action to strengthen competition, sanction anti-competitive practices, and support subsidies for farmers, is crucial in ensuring a fair and stable food market for all.