According to the monthly Consumer Price Index data released by the National Bureau of Statistics, the average price index for imported food rose to 806.0 points in June 2024, up from 692.6 recorded in January 2024.
On a month-on-month basis, imported food inflation jumped to 36.38 per cent in June 2024, from 34.83 per cent recorded in the previous month, which represents a 1.55 per cent increase as the naira weakened following the unification of all segments of the forex exchange market by the CBN.
The unification process in June 2023, aimed at creating a more transparent and efficient foreign exchange market, resulted in a steep naira depreciation.
Further analysis showed that imported inflation has increased consecutively for over four years, largely driven by both internal and external factors.
Data from the NBS on imported food inflation from January to June 2024 reveals a troubling and steady increase in costs. In January, Nigeria recorded an imported inflation rate of 26.29 per cent. This increased to 29.81 per cent in February, marking a notable jump of 3.52 per cent in the inflation rate from January.
