Home -
Original -
Main body -

WikiFX Express

Exness
EC Markets
TMGM
XM
FOREX.com
FXTM
AvaTrade
FXCM
IC Markets Global
Eightcap

EASTER MEETS RAMADAN: HIGH PRICES, 15.92% INFLATION, NIGERIANS SPEND 56% ON FOOD

SuperForex | 2022-04-20 12:01

Abstract:The global rise in food prices is weighing on emerging and developing economies, and Nigerians are now spending more than 56% of their total income on food, as food inflation in the country approaches 18% after printing 17.20% year on year in March 2022, according to current National Bureau of Statistics (NBS) figures.

img_v2_ed944f36-9c4e-4921-a87f-793c67038eeg.jpg

The global rise in food prices is weighing on emerging and developing economies, and Nigerians are now spending more than 56% of their total income on food, as food inflation in the country approaches 18% after printing 17.20% year on year in March 2022, according to current National Bureau of Statistics (NBS) figures.

Between 2020 and 2022, average commodity prices in Nigeria increased by about 127%, reflecting the reality on the ground, with consumers remaining strained, pinched, and beleaguered at a time when official inflation is at 15.92%, climbing for the third consecutive month in 2022. Nigerians' purchasing power continues to be undermined by the naira's ongoing depreciation, a pressure that is unrelenting, with the indigenous currency presently selling at around N600 to the dollar on the parallel market.

The ongoing conflict between Ukraine and Russia, which is now registering in the nation, is putting pressure on local commodities prices.

It is an election year, and analysts have predicted that election spending will fuel inflationary pressures and squeeze the pockets of ordinary Nigerians. While inflation figures may gradually rise or fall, consumer goods prices will continue to see demand and cost pull inflation in the face of current realities in Nigeria.

According to analysts at Financial Derivatives Company Limited, “it is disheartening that five of Nigeria's seven biggest import partners are battling with growing inflation while critical import commodity prices have risen dramatically.” Food contributes to 20% of consumer spending in developing markets, up to 40% in Sub-Saharan Africa, and 56% in Nigeria. Food price increases have aggravated existing macroeconomic challenges in several emerging nations, which are dealing with high debt levels, currency constraints, and inflation.

According to Afrinvest Research and Consulting, “food inflation jumped 25 basis points to 1.9% month on month in February due to continued insecurity concerns in rural areas and the impact of [the] Russian-Ukraine situation on wheat and corn prices.” Similarly, core inflation increased by 8 basis points to 1.3% month on month as PMS shortages pushed up costs. We expect these variables to continue impacting price trajectory in March, and as a result, we forecast that headline inflation will climb to 15.73% year on year. It outperformed this posting by 15.92%.

Following the blues of December 2021, which brought the annual inflation average to 17% with the headline inflation index changing direction to 15.4% year on year following the decelerations recorded in the previous 8 months, 2022 began with an upward trend in the numbers and, for the third consecutive month, the headline inflation in Nigeria printed at 15.92% year on year in March 2022 due to price increase expectations in the month ahead of Ramadan.

According to the NBS inflation data, food inflation in March was highest in Kogi at 22.21%, followed by Cross River at 19.86% and Kwara at 19.53%, while Sokoto had the slowest rise in year-on-year food inflation at 14.04%, followed by Kaduna and Rivers at 14.66% and 14.81%, respectively.

Pressures from the upcoming elections are already expected to result in higher inflation numbers, and with the economy grappling with unemployment, low revenue, insecurity, a weak naira, slow output growth challenges, global inflation, supply disruptions, and climate shocks, the average Nigerian will still be in pole position to experience the looming effect, which is likely to place Nigerians in their millions back into poverty if fiscal and monetary policymakers do nothing.

image.png
BrokerMarket depthForex newsForex Analysisforex marketRamadan

Related broker

Regulated
Tickmill
Company name:Tickmill UK Ltd
Score
8.92
Website:https://www.cn-tickmill.com/cn?utm_medium=media-buy&utm_source=wikifx&utm_campaign=cn_homepage_com&utm_content=homepage&utm_term=button
5-10 years | Regulated in United Kingdom | Regulated in Cyprus | Regulated in South Africa
Score
8.92
Regulated
eToro
Company name:eToro (UK) Ltd
Score
7.54
Website:https://www.etoro.com/
15-20 years | Regulated in Australia | Regulated in Cyprus | Regulated in United Kingdom
Score
7.54
Suspicious Clone
Trade245
Company name:Trade245 (Pty) Ltd
Score
2.22
Website:https://www.trade245.com/
5-10 years | Suspicious Regulatory License | MT4 Full License | MT5 Full License
Score
2.22
No Regulation
KOT4X
Company name:Kot Ltd
Score
1.55
Website:https://kot4x.com
5-10 years | Suspicious Regulatory License | High potential risk |
Score
1.55
No Regulation
SuperForex
Company name:Finateqs Corp
Score
1.45
Website:https://superforexid.com/
2-5 years | Suspicious Regulatory License | Suspicious biz area | High potential risk
Score
1.45

Read more

Webull UK Adds TradingView Integration for Seamless US Share Trading

Webull UK traders can now trade US shares via TradingView, enhancing their stock trading experience with easy access to US equities.

Original 2025-06-24 15:51

StoneX Announces $625M Senior Secured Notes Offering for 2032

StoneX Group Inc. prices $625M Senior Secured Notes due 2032 at 6.875% to fund R.J. O’Brien acquisition, enhancing its global financial services network.

Original 2025-06-24 15:16

M4Markets Accelerates LATAM Growth with FIA São Paulo Race Partnership

M4Markets enhances its LATAM expansion strategy through a high-profile FIA São Paulo race sponsorship, partnering with Alpine Endurance Team for the 2025 event.

Original 2025-06-24 14:27

BCR Broker Review 2025: In-Depth Analysis and User Ratings Revealed

Read our 2025 BCR Broker Review for a deep dive into BCR's trading platform, user ratings, and why it ranks among the best brokers for 2025.

Original 2025-06-24 13:45

WikiFX Express

Exness
EC Markets
TMGM
XM
FOREX.com
FXTM
AvaTrade
FXCM
IC Markets Global
Eightcap

WikiFX Broker

FXTM

FXTM

Regulated
Exness

Exness

Regulated
DBG Markets

DBG Markets

Regulated
XM

XM

Regulated
FOREX.com

FOREX.com

Regulated
GMI

GMI

Regulated
FXTM

FXTM

Regulated
Exness

Exness

Regulated
DBG Markets

DBG Markets

Regulated
XM

XM

Regulated
FOREX.com

FOREX.com

Regulated
GMI

GMI

Regulated

WikiFX Broker

FXTM

FXTM

Regulated
Exness

Exness

Regulated
DBG Markets

DBG Markets

Regulated
XM

XM

Regulated
FOREX.com

FOREX.com

Regulated
GMI

GMI

Regulated
FXTM

FXTM

Regulated
Exness

Exness

Regulated
DBG Markets

DBG Markets

Regulated
XM

XM

Regulated
FOREX.com

FOREX.com

Regulated
GMI

GMI

Regulated

Latest News

Top Wall Street analysts like these three stocks for long-term growth

WikiFX
2025-06-22 12:07

Dow futures slide 150 points as oil rises following U.S. bombing of Iran: Live updates

WikiFX
2025-06-22 23:04

Asia-Pacific markets set to open lower as U.S. bombing of Iran escalates Middle East crisis

WikiFX
2025-06-23 00:45

Oil at $100 a barrel? U.S. role in Iran-Israel fight fuels market jitters

WikiFX
2025-06-23 03:35

Consob Blocks 7 Fraudulent Investment Websites Amid Ongoing Crackdown

WikiFX
2025-06-23 11:56

MyFundedFutures Tightens Compliance Measures Following Regulatory Pressure

WikiFX
2025-06-23 11:58

Investors Beware! The Pound May Face a Downturn in the Second Half of the Year

WikiFX
2025-06-23 17:12

European markets start the week lower as Middle East crisis worsens

WikiFX
2025-06-23 06:11

Latest FCA Warning List Out! Beware & Protect Your Money

WikiFX
2025-06-23 17:47

European defense stocks sell-off intensifies after U.S. hits Iran

WikiFX
2025-06-23 06:11

Rate Calc

USD
CNY
Current Rate: 0

Amount

USD

Available

CNY
Calculate

You may also like

Gdmcgjpme

Gdmcgjpme

WOHLSTAND

WOHLSTAND

Caxton

Caxton

Netotrade

Netotrade

Trustbanc

Trustbanc

Smart Capitals Global

Smart Capitals Global

Plus5 Trade

Plus5 Trade

Exonnassests

Exonnassests

LatitudeFX

LatitudeFX

FUBON

FUBON