Against indication of moderation in the upwards
movement in food prices in the month of June,
2017, inflation rate, Year-on-Year (YoY) has been
projected to significantly drop further to 15.64 per
cent; a 61 basis point decline from 16.25 per cent
recorded in the preceding month.
According to FSDH Merchant Bank research report,
increase in the price of food items moderated in the
month of June compared with May 2017. However,
the research indicated that increases were observed
in some divisions that contribute to the Core
Inflation Sub-Index, with the highest price observed
in the clothing and footwear divisions.
Supporting this domestic price index, the monthly
Food Price Index (FPI) released by Food and
Agriculture Organization (FAO) of the United Nations,
indicated the Index advanced further in June 2017.
The Index averaged 175.2 points, 1.43% higher than
the revised value for May 2017, and 6.89% higher
than the June 2016 figure. Movement in the food
prices were in varying directions. Even as Dairy,
cereal and meat prices were mostly responsible for
the uptick in the value of the Index, sugar and oil
prices depreciated.
Significantly, prices of all dairy products which
include milk powders, cheese and butter appreciated
during the period. The FAO Dairy, cereal, and meat
Price Indices appreciated by 8.26%, 4.21% and
1.85%, respectively in June 2017.
On the flip side, the FAO Vegetable Oil Price Index
was down by 3.88%, driven by falling quotations for
both palm and soy oils. Good production prospects
and bumper harvests contributed to the fall in
prices.
The Sugar Price Index dropped by 13.45% in June
2017 on the heels of weak global import demand
and improved supply conditions in the main sugar
producing regions in Brazil. FSDH also noted that
the appreciation of the Naira in the parallel market
is expected to counter the effect of the rising prices
of food at the international market.
Hence, this should lead to a moderation in the pass
through effect of imported prices on consumer
goods in Nigeria,” the report highlighted. The food
items FSDH Research monitored in June 2017
exhibited general price increase. “The prices of
onions, yam, tomatoes, Garri, sweet potatoes, palm
oil, vegetable oil, Irish potatoes and rice were up by
33.89%, 24.6%, 11.11%, 6.67%, 4.76%, 4.62%,
3.03%, 2.96% and 2.69% respectively.
According to the research report, prices of beans,
meat and fish were stable. It also indicated that the
movement in the prices of food items during the
month resulted in 1.25% increase in our Food and
Non-Alcoholic Index to 243.34 points.

http://fawoleblog..co.ke/2017/07/food-prices-drop-in-nigeria-for-month.html?m=1

J

By 2019. Food prices would have crashed to a bearable level from all indices.
Nigeria needs to take this agricultural revolution shii seriously. We should no longer depend on imported products or high oil price.

Too technical.

Make it easy to understand. Rather than presenting table of current prices vis-a-vis old prices, you are here talking about percentage.

If you say the price of an item has increased/decreased by 25, the question is; 25% of what?

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