ANALYSTS TASK FG ON FRESH STRATEGIES.

Economic analysts have urged the federal government to adopt fresh strategies to tackle the rising high food prices and inflation in the country.

President of Capital Market Academics of Nigeria, Prof. Uche Uwaleke, advised the federal government to initiate more strategies to tackle rising food inflation. Uwaleke who reacted to the May inflation figure, said that the federal government should devise more effective strategies to combat banditry and kidnapping to tackle inflation.

ATN Recall that the National Bureau of Statistics (NBS), released the Consumer Price Index for May on Saturday which showed that headline inflation rate increased to 33.95 per cent in May. The figure is 0.26 per cent points higher than the 33.69 per cent recorded in April. The NBS said that on a year-on-year basis, the headline inflation rate in May 2024 was 11.54 per cent higher than that of May 2023 which was 22.41 per cent.

The report said the food inflation rate in May 2024 increased to 40.66 per cent on a year-on-year basis, which was 15.84 per cent higher than 24.82 per cent recorded in May 2023.
The NBS said that in May 2024, food inflation on a year-on-year basis was highest in Kogi, with 46.32 per cent, followed by Ekiti with 44.94 per cent.

Uwaleke said that Nigeria’s economy was being challenged by a cost-push inflation emanating from high transport and energy costs, as well as insecurity, among other issues. He said that insecurity aggravated the situation through food supply shortages.