Nigeria continues to grapple with soaring food prices, as food inflation in the country inched up to 40.87% in June 2024. This marks a slight increase from the previous month's figure of 40.66%, according to the latest data released on 15 July 2024.
The current inflation rate reflects a year-over-year comparison, showing the substantial rise in food costs compared to June 2023. Despite the marginal increase from May to June, the overall picture indicates persistent and significant inflationary pressures on the food sector, affecting the purchasing power of Nigerian households.
As policymakers and stakeholders continue to monitor these trends, the marginal uptick underscores the challenges in stabilizing food prices amidst various socio-economic factors. The focus remains on implementing effective measures to curb inflation and ensure food security for the nation's population.
