The recent hike in food prices has caused many Nigerians to rethink their food consumption pattern. Some have adjusted it according to their budget realities while others have overhauled their diet completely to fit their income.
Food items such as turkey, fish, beef, sausage, milk and other animal protein sources are fast becoming exempted from families’ diets due to the surge in their prices.
Quoting the NBS reports on selected food prices, FBN Quest capital, an investment firm, noted that all 43 food items surveyed increased by about 28.8% year on year average. On a month on month basis, the average price increase was 2.5%.
The popular food franchise Chicken Republic recently added a new combo “Egg star” to its menu. This new combo contains rice or spaghetti, with stew and boiled egg and it is priced at N500. This was a surprise to Nigerians as the franchise is known to be a strictly chicken menu.
People now cope with the rise in food inflation by either foregoing a particular food item for a cheaper one or skipping a meal a day all to meet their budget.
One of the causes of the increase in food prices as indicated in the report by FBNQuest is the increase in insecurity in northern Nigerian states where many agricultural produce comes from.
The report revealed that another major factor is the pass-through effect from imported food prices due to the Russian-Ukraine war which is being felt globally by way of increasing fuel and soft commodity prices. This is likely to be felt more in the coming months if the war persists. Imported food inflation increased by about 8bps to 17.56%.
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