Traders, buyers groan as food inflation hits 20.60%

Traders and buyers in Lagos markets have expressed dismay over soaring prices of food items as Nigeria’s food inflation figures again recorded an upward tick, moving from 19.50 per cent recorded in May to 20.60 per cent in June.

According to figures by the National Bureau of Statistics, the composite food index rose to 20.60 per cent in June 2022 on a year-on-year basis; the rate of changes in average price level declined by 1.23 per cent compared to 21.83 per cent in June 2021.

The NBS in a report titled “Consumer Price Index May 2022”, said the rate of changes in food prices compared to the same period last year was higher due to higher food prices volatility caused by COVID 19.

This rise in the food index was caused by increases in prices of bread and cereals, food products, potatoes, yam, and other tubers, meat, fish, oil and fat, and wine

Speaking with our correspondent on the impact of the soaring food prices on business, a trader who identified herself as Gladys said food prices had never recorded the level of instability witnessed in the past year.

She said, “I’ve been in this business for more than 12 years, but right now it is very discouraging. When coming to the market I always make sure I carry more than what I need because prices go up everyday. You can buy this small bag of rice for N10,000, by the time you come back next month, they will tell you it is N11,500.

“This one litre of vegetable oil, we used to sell it N800 but now we’re selling for N1600.  The profit we were making when we were selling N800 is even more than what we make when we well at N1600

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