By Abigail Philip David
The cost of imported food in Nigeria has skyrocketed, increasing by 37.65% between January and December 2024, according to the latest Consumer Price Index (CPI) report from the National Bureau of Statistics (NBS).
The report revealed that the average price of imported food commodities in Nigeria reached its peak in December 2024, with an increase of 260.8 basis points compared to 692.6% recorded in January of the same year.
Further analysis shows that the price of imported food has followed a consistent upward trend on a monthly basis since 2020, defying various government interventions aimed at stabilizing food prices.
The data also highlighted a sharp year-on-year rise of 41.28% in December 2024, reflecting a 278.6 percentage-point increase.
The persistent rise in imported food prices poses a significant challenge to consumers and underscores the need for more robust policies to address inflation and food security concerns in the country.
