ABUJA- There seems to be no end in sight to hike in food prices driven largely by the economic policies of President Bola Tinubu.
A survey by Peoples Gazette on Tuesday, showed that the price of a 50 kilogram rice, a staple mostly consumed by households in Nigeria, has crossed the N100,000 mark.
According to the survey, Caprice now goes for N123,500, Disney Princess N102,000, Saelony N110,000, Big Bull N113,000, Mamas Pride N114,000, while Tomato Gold is N148,500.
Meanwhile, consumers have recently started becoming familiar with Big Bull sachet rice which costs N300, although N200 was inscribed on the pack, indicating a recent price increase.
Experts linked the high cost of commodities in the country to weak naira, which according to the FMDQ Exchange, as of November 12, 2024, slipped to an all-time low of ₦1689.88 at the official Investor and Exporter window.
They also identified the continued increase in fuel price by the Tinubu government which prior to assumption of office on May 29, 2023, was ₦175 per litre. But it is now N1,030 as of the last hike in October 2024, representing almost a 500 per cent increase within the period.
The development negated the campaign promise of Mr Tinubu in Ogun State to reduce slash petrol pump price if elected.
