The cost of imported food in Nigeria surged to an inflation rate of 42.29% in November 2024, according to the Consumer Price Index report by the National Bureau of Statistics.
This marks a significant increase compared to the 23.74% recorded in November 2023, showing an 18.55 percentage point rise year-on-year.
Every month, the inflation rate also rose from 40.96% in October 2024, representing a 1.33 percentage point jump in just one month.
The report highlighted a steady increase in imported food inflation throughout 2024, starting at 26.29% in January. By October, the rate had already crossed 40%, with November’s figure of 42.29% becoming the highest in two years.
The persistent inflation has been blamed on various factors, including currency devaluation, global supply chain disruptions, and challenges in domestic economic policies.
In July 2024, the Federal Government introduced a 150-day duty-free import window for essential food items like maize, husked brown rice, wheat, and cowpeas. The initiative was meant to reduce import costs and make staple foods more affordable.
However, its implementation has faced delays due to bureaucratic hurdles. Under the policy, imported food would be sold at a Recommended Retail Price, but the impact has been limited.
The delays in implementing this policy have worsened the inflation crisis. For instance, the average price of imported high-quality rice rose by 144.77% year-on-year. From July to September 2024, the cost of one kilogram of rice climbed by 3.21%, increasing from ₦2,329.05 to ₦2,403.86.
The rising cost of food has strained households across the country. “This inflation is making life unbearable for many Nigerians. We need quick action to reduce these prices,” said a trader in Lagos.
Economists have urged the Federal Government to accelerate the implementation of its duty-free food policy and address inefficiencies to curb the rising cost of imported food.
