Politics
Rewane Predicts Spike In Food Inflation As Beans Become Too Expensive For Average Consumers
Rewane Predicts Spike In Food Inflation As Beans Become Too Expensive For Average Consumers....KINDLY READ THE FULL STORY HERE▶
Economist Bismarck Rewane has forecasted an increase in food inflation in Nigeria over the coming weeks. Speaking on Channels Television, he highlighted the escalating cost of beans as a primary concern. He attributed this rise to several factors, including widespread flooding that has devastated numerous farms, high transportation costs from farms to markets, and a significant increase in petrol prices, which have surged from around ₦600 to approximately ₦1,000……CONTINUE READING
While some food items like onions and rice have seen slight price reductions—onions dropping to ₦115,000 and rice to ₦110,000, down from ₦120,000—Rewane noted that beans have become increasingly scarce and unaffordable. “Beans have gone out of storage and out of reach,” he stated, emphasizing the unexpected nature of this price hike.
The economist linked the surge in beans prices to recent flooding that affected food-producing states such as Borno, Bauchi, and Sokoto, resulting in significant crop losses.
Despite the challenges, Rewane expressed hope that the federal government’s introduction of duty waivers on food items would eventually help stabilize market prices. “For now, we believe that inflation will continue to rise. Food inflation, in particular, is expected to increase, with headline inflation likely reaching 34%. However, this is only temporary. Once the imported goods benefiting from duty waivers arrive, prices should begin to decrease,” he explained.
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