Nigeria’s imported food inflation rate skyrocketed to 42.29% in November 2024, according to the latest Consumer Price Index report from the National Bureau of Statistics (NBS).
This marks a significant jump compared to the 23.74% recorded in November 2023, reflecting an 18.55 percentage point year-on-year increase. On a month-to-month basis, the inflation rate rose from 40.96% in October, a 1.33 percentage point climb within just 30 days.
The figures highlight a persistent surge in imported food costs throughout 2024, with inflation starting at 26.29% in January and consistently rising past 40% by October. November’s rate of 42.29% is the highest recorded in two years.
The sharp rise has been attributed to factors such as currency devaluation, global supply chain disruptions, and inefficiencies in domestic policy implementation. Despite Federal Government efforts to curb the crisis through duty waivers on imported food, progress has been hindered by bureaucratic delays.
In July 2024, the government introduced a 150-day duty-free window for key food imports, including maize, husked brown rice, wheat, and cowpeas. The goal was to reduce import costs and stabilize prices by applying a Recommended Retail Price (RRP) to imported commodities.
However, sluggish enforcement of the policy has led to surging prices. The PUNCH reports that the cost of imported high-quality rice has jumped by 144.77% year-on-year, exacerbated by the delayed rollout of the duty-free initiative.
Since the policy announcement, the price of one kilogram of imported rice has risen by 3.21%, climbing from ₦2,329.05 in July to ₦2,403.86 in September, further straining household budgets amid inflationary pressures.
The government faces mounting pressure to fast-track the implementation of its duty waiver scheme to alleviate the financial burden on Nigerians and stabilize food prices.
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