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May
16
2023
By CHIJIOKE OHUOCHA
Nigeria inflation quickens in April as food prices surge

Nigeria inflation quickens in April as food prices surge

BUSINESS
NIGERIA'S annual inflation rose to 22.22% in April from 22.04% the previous month, as the price of food continued to rise, the National Bureau of Statistics said. Inflation has remained elevated in Africa's biggest economy, eroding savings and incomes, and prompting the central bank to hike interest rates to their highest level in nearly two decades. Food inflation, which accounts for the bulk of Nigeria's inflation basket, rose to 24.61% in April from 24.45% in March. "The rise in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, fish, potatoes,…
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Apr
15
2022
By The African Mirror
Ukraine war increases U.N. food agency’s costs in hunger-hit West Africa

Ukraine war increases U.N. food agency’s costs in hunger-hit West Africa

NEWS
OPERATIONAL costs of the United Nation's World Food Programme (WFP) will increase by $136 million in West Africa this year because of the global rise in food and fuel prices driven by the war in Ukraine, the agency said. The additional costs will hamper attempts to relieve a spiralling food crisis in the region fuelled by conflict, drought, pandemic-linked border closures and the impact of Ukraine's crisis on food prices and availability. The WFP was already struggling to expand its response to an "unprecedented food and nutrition crisis" in West Africa, and was forced to cut rations in seven countries…
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Apr
06
2022
By The African Mirror
Hunger in Africa surges due to conflict, climate and food prices

Hunger in Africa surges due to conflict, climate and food prices

NEWS
AYENAT MERSIE CONFLICT, climate change and rising food and fuel prices are pushing about a quarter of Africans towards hunger, the International Committee of the Red Cross (ICRC) said. About 346 million people in Africa are facing severe food insecurity, meaning they have likely experienced hunger, in the worst crisis since 2017. Last year, the figure was about 286 million. "The acute food insecurity situation in many of the countries where we are working - and people are already affected by armed conflict - is tipping into famine-like conditions," said Dominik Stillhart, ICRC's global operations director. Two years of conflict…
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Mar
17
2021
By The African Mirror
‘Stagflation’ stalks Nigeria as food prices, unemployment soar

‘Stagflation’ stalks Nigeria as food prices, unemployment soar

BUSINESS
CHIJIOKE OHUOCHA NIGERIAN inflation hit a four-year peak in February as food prices jumped more than 20%, heaping financial pressure on households already faced with a shrinking labour market and a stagnant economy at a time of mounting insecurity. Inflation, in double digits since 2016, reached 17.33%, driven by the impact of a coronavirus epidemic that has also induced a drop in the price of oil, Nigeria's main export, and weakened the naira currency. Tuesday's inflation reading was the highest since the 17.78% touched in February 2017. The economy was in a slump then and is teetering on the brink…
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