Food Prices On The Rise As Inflation Hits 19.91% In June
Although Nigeria is inching away from recession, food prices in the country remain on roof-tops.
A food price index released on Monday by the National Bureau of Statistics, NBS shows food inflation hit 19.91%, up from 19.27% in May.
This means that Nigerians paid more for food items in June than they did in May 2017.
This is despite the annual inflation slowing in June, but still remaining above 16%.
But the inflation statistics also showed a significant improvement in the overall price of goods and services as annual inflation eased for a fifth straight month in June, slowing to 16.10% from 16.25% in May.
The inflation started slowing since February but sadly remains at double digits.
Last week, federal authorities reiterated their determination to squeeze inflation rates to single digits, setting 3 years deadline to achieve this target.
The Minister of Budget and National Planning, Udoma Udu Udoma, was quoted as saying that government remains committed to further contain the inflation rate so as to make life more meaningful for citizens.