Nigerian food prices rise as inflation soars

NIGERIANS ACROSS the country are lamenting the heightened cost of food prices, which have risen by almost 23 percent. This comes with a general increase in the costs of living, as inflation levels hit a four-year high by more than 18 percent.

Within just a few months, the price of a crate of eggs has practically doubled to 1,500 naira ($4). Traders and customers throughout the primary food market areas of Ile-Epo and Agege on the Lagos mainland are suffering the effects of the rising prices, with much complaint. This is the latest factor to weaken Nigeria’s economy, following the falling price of oil – the country’s major export. Financial analysts have surmised that curbing inflation will be key to restrengthening the economy.