Per the NBS report, it costs an average of N938 to prepare a single healthy meal diet for an adult per day in Nigeria, stretching household survival.
Nigeria has been hit with high food inflation since March 2024, reaching 40.01%.
Legit.ng reported in February 2024 that the commodity's price hit almost N100,000 per 50kg bag due to the naira crash.
The National Bureau of Statistics said in December 2023 that Nigeria’s inflation rate hit a 27-year-high of 28.9%.
Analysts say the arrowhead of the recent inflation figures is food inflation, which has eroded household incomes in recent months.
The volatile exchange rate system exacerbates the situation, which makes food imports challenging.
