FG says food inflation is a global issue and not limited to Nigeria

The Federal Government has stated that the current food inflation which has been plaguing Nigerians is not just a Nigerian issue but a global one, warning that Nigerians comparing figures with that of 2018 are being “clever by half”.

This was disclosed in a statement by the Minister of Information, Lai Mohammed in a press conference on Monday while addressing news reporters.

He added that presenting Nigerian food and consumer price inflation as an isolated event is a “disingenuous and a clear act of misinformation”

What the minister is saying

He warned that the ”figures being bandied around by the folks on the other side and a section of the press, comparing the prices of some foodstuffs, petrol, diesel, etc pre-2015 and now. This misuse of statistics is clear mischief”

“Those who bandy around these figures without putting them in context are being clever by half. Let’s take the price of foodstuffs and petrol. Google the price of foodstuffs in other countries, especially the UK and the US, and you will discover a steep rise.

He added that for the price of gas or petrol, the FG acknowledges that this increase is a global trend, and it’s not limited to any country.

Therefore, presenting it as a Nigerian problem is mischievous, disingenuous and a clear act of misinformation. Let me add that the crippling fuel shortage experienced across the country in recent times has started easing, as the measures put in place by the government begin to work” he said.

What you should know

Nairametrics reported earlier that Nigeria’s inflation rate changed direction in February as it rose 15.7% from 15.6% recorded in the previous month. The uptick in Nigeria’s inflation rate is attributed to the increase in the price of goods and services, following the fuel scarcity across the country in February.
According to the NBS report, the highest increases in food prices were of Bread and cereals, Food product, Potatoes, yam and other tuber, Oils and fats and fruit.
Meanwhile, the Premium Bread-Makers Association of Nigeria on Monday, warned that the prices of bread are expected to increase by 50% or more across different sizes in April due to some pressing challenges facing the bakers.
Emmanuel Onuorah,  President of the group, said, “Companies are shutting down their businesses as a result of the increase in the price of diesel. Some of my members shut down (their business premises) again this week. So many other companies are closing down.
There will be a scarcity of wheat next month and the millers will raise their prices to N30,000 or N40,000 and that will affect the cost of bread across board by 50% or more. As we speak, operators in the sachet water business segment are on strike. They’ll likely increase the price of sachet water to N25 or N30. We don’t even know where this thing is tending towards. Bigger companies are closing because of operating costs. Businesses are going under.

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