Analysts Task FG On Fresh Strategies To Combat Food Inflation

Economic analysts have called on the Nigerian federal government to adopt new strategies to address the rising food prices and inflation in the country.
Uche Uwaleke, President of Capital Market Academics of Nigeria, emphasized the need for effective measures to combat banditry and kidnapping, which he sees as key factors in controlling inflation.
His comments came in response to the National Bureau of Statistics (NBS) report for May, which revealed a headline inflation rate increase to 33.95% from 33.69% in April.
The NBS report highlighted a significant rise in food inflation, reaching 40.66% in May 2024, up from 24.82% in May 2023, Kogi and Ekiti states recorded the highest food inflation rates, at 46.32% and 44.94% respectively, recalls that the year-on-year headline inflation rate for May 2024 was 11.54 percentage points higher than the previous year.