Food prices shoot up as Nigeria's inflation rises to 12.82 per cent

- The Nigeria Bureau of Statistics has released the CPI/Inflation report for the month of July 2020

- According to the report, Nigeria's headline inflation rose in July to 12.82 per cent from 12.56 per cent in June

- The report also indicates that food inflation also rose to 15.48 percent in July from 15.18 percent in the previous month

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The Nigeria Bureau of Statistics (NBS) has released the Consumer Price Index (CPI)/Inflation report for the month of July 2020, with the country's headline inflation rising to 12.82 per cent from 12.56 per cent in June.

According to the report, food inflation also rose to 15.48 percent in July from 15.18 percent in the previous month.

The report indicates that core inflation rose to 10.10 percent from 10.13 percent in June.

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Meanwhile, a recent report by the NBS indicates that the nation’s unemployment rate rose to 27.1% in the second quarter of 2020 from 23.1% recorded in Q3 2018.

Legit.ng reports that the NBS, in its ‘Labor Force Statistics: Unemployment and Underemployment Report’ released on Friday, August 14, said the underemployment rate increased from 20.1% in Q3 2018 to 28.6% in Q2 2020.

In another related report, the Nigerian government said it is set to make 2.4 million households enjoy its post-COVID-19 stimulus packages.

The plan was announced by Andrew Kwasari, a presidential aide on agriculture, who thinks that the move is to help strengthen food security at this point in the country's journey.

Kwasari said this while speaking concerning the efforts of the Nigerian Economic Sustainability Committee (NESC) to secure the economy against the effects of COVID-19.

The packages are to be distributed through the Agric for Food and Jobs Plan (AFJP) under the Agricultural Sector of the Nigerian Economic Sustainability Plan (NESP) created by President Muhammadu Buhari in March 2020.

“The Economic Sustainability Committee needed to be very strategic in utilising the minimal resources, overall, not only for the agriculture sector.

“So for the Agric sector, we decided that we will use this strategy to utilise available cash to work with financial institutions, led by the Central Bank of Nigeria.

“To see how we can get stimulus packages to about a minimum of 2.4 million households or to fund 2.4 million hectares of land that will be cultivated during this 2020 wet and dry season farming,” Kwasari said.

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Source: Legit.ng