Wednesday, October 22,
2019 / 07:35 PM / by FDC / Header Image Credit: FDC
The price of a 50kg bag of rice has spiked 40% to N25,000 in the last month.
The impact of the Seme border closure in late August appears to be now filtering through into consumer prices.
The border closure was imposed in part to halt the smuggling of foodstuff into Nigeria.
However, it is not sustainable because local produce is simply inadequate to feed the country's large and fast-growing population.
This is reflected in September's inflation numbers with imported food inflation increasing 15.57% y-o-y. This is well above the headline inflation rate of 11.24%.
Related News on Border Closure
1. Inflation Succumbs to Border Closure and Money Supply Growth - Spikes to 11.24% - FDC, Oct 16, 2019
2. Border Closure Hitting The Price of Rice - CSL Research, October 04, 2019
3. Border Closures May Only Offer Temporary Subsidy Reprieve - CardinalStone Research, October 11, 2019
4. Effects of Closing The SEME Border - Coronation Research, October 15, 2019
5. Border Closures Begin to Take Toll on Prices - CardinalStone Research October 15, 2019