Food Inflation Declines as Prices for Key Items Drop, Says Tinubu’s Aide

Bayo Onanuga, Special Adviser on Information and Strategy to President Bola Tinubu, has reported a decline in food inflation in Nigeria. Onanuga attributed this drop to significant reductions in the prices of essential food items such as yam and tomatoes.

Onanuga shared his observations on social media, stating, “Food inflation is coming down as prices of yam and tomatoes decline massively.” His remarks followed a report indicating a sharp decrease in the cost of a basket of tomatoes. At Ketu market, a large basket now sells for ₦55,000 to ₦60,000, down from ₦150,000 in recent months. The price of a large basket of habanero pepper has also fallen to ₦25,000 from ₦55,000.

Despite these improvements, the Nigeria Economic Summit Group (NESG) has expressed concerns about ongoing inflationary pressures. Dr. Tayo Aduloju, CEO of the NESG, warned that rising food prices are contributing to the broader inflation trend. The National Bureau of Statistics (NBS) reported a headline inflation rate of 34.19% in June, with food inflation reaching 40.87%, up from 25.25% a year earlier.

Dr. Aduloju suggested that the Central Bank of Nigeria might raise the Monetary Policy Rate (MPR) to combat inflation.