#yourviewtvc || December 14TH, 2022
The increasing cost of food in Nigeria has significantly affected the living standards of ordinary citizens. It has become a serious cause for concern. For instance, the average price of one kilogram of beans rose on a year-on-year basis by 24.17% in June 2022. The real income of the average income earner has been falling consistently. This implies that people can now afford fewer baskets of commodities for their livelihood and sustenance.
The food and non-alcoholic beverages component of inflation is by far the most important determinant as it accounts for almost 50% of the total weight of the basket of items that are used to measure price increases.
Food that has gone up in price includes bread, cereals, potatoes, yam and other tubers, meat, fish, fruits, oils and fats and vegetables. Average Nigerians consume these items daily, particularly bread. Yam and cassava are used for producing garri and fufu, which are widely consumed across the country.
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