Reports from the latest release from the National Bureau of Statistics indicate that the composite food index rose by 20.30 per cent in August. The implication of this is that food inflation rose in August at a slower rate.
The hike in food prices across the country has affected the spending budget of households and firms. The Nigerian nation has found herself battling a serious food crisis in recent months.
The report from the NBS revealed further that on a monthly basis, the food sub-index increased by 1.06 per cent. Analysis shows that food inflation rate between January and August exhibit fluctuation in trends.
Experts have called on the Government to address the issues of food inflation in the country saying by boosting food production, food inflation which constitute a major component of the headline inflation, will decline.