Nigeria’s headline inflation rose to 22.79% in June, up 0.38% from May, according to a recent report from the National Bureau of Statistics (NBS). The increase highlights the continued inflationary pressure weighing on the country’s economy.
In addition, the inflation rate in June increased by 4.19% compared to the same month of the previous year, indicating an upward trend. The food and non-alcoholic beverage sector in particular played an important role, accounting for 11.81% of total inflation. Food inflation rose to 25.25% y/y, above the 20.60% recorded in June 2022. Food prices rose by 2.40% in the month, up 0.21 percentage points from May. The year-on-year base interest rate also rose significantly to 4.19% compared to the June 2022 registered interest rate of 18.60%.
The report follows President Bola Tinub’s recent declaration of a food security emergency. He has directed all issues of availability and affordability of food and water, essential elements of livelihoods, to fall under the jurisdiction of the National Security Council.
Odoemenam explained that “The staggering rate of inflation (in June) and the declaration of a food emergency highlight the seriousness of the situation for Nigerian fish farmers. account for more than 70% of
To address these challenges and promote sustainable growth in aquaculture, Odoemenam urges the government to prioritize the development of agriculture and fisheries. He stressed the need to invest in research and technology to improve fish farming practices, increase fish feed production and find innovative, cost-effective solutions that minimize environmental impact. doing.