The World Bank’s recent Food Security Update highlighted that Nigeria and several other nations in Africa, North America, and Latin America are grappling with significant domestic food price inflation. The report emphasized that over 61.9 percent of low-income countries are experiencing inflation rates surpassing five percent.
This update noted a two percent rise in agriculture, a six percent surge in cereal, and a one percent increase in export price indices. Specifically, maize and wheat prices escalated by eight percent and 14 percent, respectively, since the last update.
Despite a slowing global economy, there’s an anticipation of a surge in demand for agricultural products in the upcoming 2023/24 marketing season.
Furthermore, the report highlighted that trade-related policies imposed by various nations surged following Russia’s invasion of Ukraine.
The growing number of food trade restrictions aimed at bolstering domestic supply and curbing prices have contributed to aggravating the global food crisis.
In Nigeria, the latest Consumer Price Index for November 2023 released by the National Bureau of Statistics revealed a substantial increase in food inflation to 32.84 percent.
Notably, states like Kogi, Kwara, and Rivers experienced soaring food inflation rates, reaching 41.29 percent, 40.72 percent, and 40.22 percent, respectively.
Comparing November 2023 to the previous year, there was an 8.72 percentage point surge in food prices, attributed to increases in the prices of various food items.
The report emphasized a month-on-month increase in the food inflation rate from October 2023 to November 2023.
Overall, the Food Security Update and the Consumer Price Index reflect the dire situation of food price inflation, especially in certain regions, signaling ongoing challenges and potential future concerns for global food security.
