For many households in Nigeria, inflation is a mortal enemy. It eats deep into disposable income, depreciates spending power, forces lifestyle changes, and in some instances could lead to malnutrition, especially if it festers for too long.
A trader display farm produce at Wuse Market, Abuja, Nigeria, on August 17, 2021. – Threatened by insecurity, farmers in Nigeria’s farm belt are increasingly abandoning their land, leading to supply problems and adding to the already high cost of food in Africa’s most populous country. Nigeria’s Middle Belt and northwestern states have for years been caught in violence between normadic herdsman and farmers as climate change intensifies rivalries over water and land.
NBS chalked down the increase to the rise in the prices of bread, cereals, yam, potatoes, oil, and fat. Curiously, the report did not mention the prices of rice, one of the most popular staple foods in Nigeria, the prices of which haveas the country continues to count the losses occasioned by floods that have ravaged more than two-thirds of its states.
At the end of Q2 2022 in June, SBM put the average cost of preparing the dish at ₦9,220 when inflation stood at 18.6%. The cost rose to ₦9,917 at the end of Q3 in September, representing a 7.6% surge, rising with the country’s headline inflation. The estimated cost of the floods and how further up they could push inflation are not exactly clear yet, but some farmers are already counting their losses. A farmer“It’s monumental. So many people are crying,” said Kabir Ibrahim, president of the All Farmers Association of Nigeria.
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