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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
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