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In January, the imported food index started the year at a high level with a significant inflation rate of 26.29%, indicating that the cost of imported food was already elevated.
By February 2024, the imported food inflation had risen to 29.81%, marking a notable increase of 3.52 percentage points from January.
The trend continued upward in March, with the imported food inflation rate climbing to 32.89%, an increase of 3.08 percentage points from February.
In April, the inflation rate further increased to 34.01%, growing by 1.12 percentage points from March, showing a slight slowdown in the rate of increase.
May saw an imported food inflation rate of 34.83%, indicating a continued upward trend. The increase in inflation rate was 0.82 percentage points from April.
By June, the imported food inflation rate reached 36.38%, marking an increase of 1.55 percentage points from May.
While the overall trend is upward, the rate of increase in inflation shows signs of gradual deceleration from March to May before picking up again in June.
It is worth noting that the imported food inflation rate exceeds the headline inflation rate in Nigeria. In June 2024, the headline inflation rate was 34.19%, indicating a significant increase compared to June 2023. On a month-on-month basis, the headline inflation rate in June 2024 increased to 2.31%, up from 2.14% in May 2024.
This suggests that the average price level rose at a faster rate in June 2024 than in May 2024.
With headline inflation at 34.17% in June 2024, it means that imported food inflation, which stood at 36.38% in the same period, is at a higher rate in the country. However, general food inflation is even higher at 40.87% for the same period this year.
The food inflation rate in June was 40.87% year-on-year compared to 40.66% recorded in May 2024. This represents a 15.62% increase.
Amidst the growing pressure of increasing food costs, the Trade Union Congress (TUC) has recently urged the Federal Government to promptly begin importing essential food items as a way to address the situation.
Supporting this view, Mohammed Idris, the Minister of Information, revealed that the government is considering food importation as a short-term solution to ease the rising prices of food products.
However, President Bola Tinubu opposed the importation strategy, instead advocating for Nigeria to strive for self-sufficiency and emphasizing the government's dedication to developing domestic food production capabilities.
The International Monetary Fund (IMF) also commented on the severe food crisis in Nigeria and other sub-Saharan countries, attributing it to an overreliance on imported foods.
In an attempt to combat the escalating food inflation, the federal government has recently approved a 150-day duty-free period to facilitate the importation of maize, husked brown rice, and wheat.
Despite this, the President of the African Development Bank (AfDB), Dr. Akinwunmi Adesina, expressed concerns about the government's decision to import food, stating that it is disheartening.
He believes that Nigeria should not depend on food imports to stabilize prices, as doing so could undermine the country's agricultural policy.
Furthermore, the National President of the All Farmers Association of Nigeria (AFAN), Arc. Kabir Ibrahim, warned that duty-free importation of food items could undermine the progress made in local production of maize, rice, and wheat.
He urged governments to invest in subsidies for inputs such as machinery, fertilizers, and chemicals to establish a sustainable food system in the country.
