Nigeria’s imported food inflation reached a staggering 42.29% in November 2024, as revealed by the National Bureau of Statistics’ Consumer Price Index report.
This marks a sharp increase from 23.74% in November 2023, reflecting an 18.55 percentage point rise year-on-year.
On a month-to-month basis, inflation climbed from 40.96% in October 2024, representing a 1.33 percentage point increase within just one month.
The report underscored the persistent upward trend of imported food inflation throughout 2024.
Starting at 26.29% in January, the inflation rate surged past 40% by October, with November’s figure of 42.29% being the highest in two years.
This sharp rise has been linked to a combination of factors such as currency devaluation, disruptions in global supply chains, and domestic policy inefficiencies.
Efforts by the Federal Government to address the issue, including a duty waiver on imported food, have faced significant delays.
In July 2024, the government introduced a 150-day duty-free import window for key food items like maize, rice, wheat, and cowpeas.
This initiative was intended to reduce import costs and make staple foods more affordable by subjecting them to a Recommended Retail Price. However, bureaucratic delays have hindered the full implementation of the plan.
Reports previously revealed that the average cost of high-quality imported rice has surged by 144.77% year-on-year, as the government delays rolling out its duty-free food policy.
Since the announcement of the policy, the price of imported rice has increased by 3.21%, rising from N2,329.05 per kilogram in July to N2,403.86 in September.
