FG Speaks On Food Inflation, Reveals When Prices Will Drop

• FG Speaks On Food Inflation, Reveals When Prices Will Drop.

• Government allocates special funds for infrastructure to bolster agriculture.

• Edun underscores global issue of food insecurity.

EKO HOT BLOG reports that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, assures Nigerians of forthcoming reductions in food prices.

Edun elaborates on the government’s allocation of specific funds for infrastructure aimed at enhancing agricultural production.

He emphasizes the global challenge of food insecurity.

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Speaking during an appearance on Channels Television’s Sunday Politics programme, Edun asserted that government focus has been on ramping up food production through the provision of seeds, fertilisers, amongst others.

The minister assured Nigerians that with the dry season and wet season harvest, food inflation will come down.

He said, “We can expect that food prices will come down and food availability will increase.

Food Inflation

“Inflation, yes, it is high at 33.65%, food inflation at 40.5% is worrisomely high but the fact is that inflation is coming down, month-on-month. It is slowing and it is expected to reduce as we continue the dry season harvest and then we go into the wet season harvest.

“That is the place to focus on and a lot of emphasis is being placed on that to get agriculture output up, to get prices down, and that will be a nig factor in bringing down inflation.”

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Prices of food and basic commodities have gone through the roof in the last weeks, as Nigerians battle economic crisis sparked by the government’s twin policies of petrol subsidy removal and unification of forex windows.

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