The Business NG - June 17, 2024

In this issue

Food Inflation Hits Nearly 40% as Prices of Rams, Tomatoes, and Rice Soar, Making Traditional Celebrations Unaffordable for Many Families

In today's edition of BusinessNG, we focus on the struggles of Nigerians as they prepare for the Sallah celebrations amidst the highest inflation rate in over 30 years. The country's food inflation has reached nearly 40%, driving up costs and making it difficult for families to afford traditional Sallah celebrations.

The prices of essential food items have skyrocketed, with rams selling for as high as N400,000, a significant increase from last year's prices. Tomatoes have also seen a drastic price hike, with a basket selling for up to N200,000. Rice prices have surged, with a bag selling for between N79,000 and N90,000.

Both buyers and sellers are feeling the pinch, with many scaling back their celebrations and limiting their guest lists. Sellers are experiencing low patronage, deflating market morale. Experts attribute the price hike to food inflation, subsidy removal, and other economic pressures.

As Nigerians brace themselves for a festive period marked by soaring prices, experts urge the government to invest more in farming and provide low-interest loans to farmers to address the issue. With Sallah celebrations underway worldwide, Nigerians are facing a somber reality of unaffordable traditional celebrations.