Traders Blame Forex Scarcity As Price of Cooking gas, Local and Foreign rice surge

The National Bureau of Statistics had recently released the inflation figures for the month of August 2021, where the composite food index rose by 20.3% year-on-year, representing a decline compared to 21.03% increase recorded in the previous month.

According to the NBS report, the rise in the food index was caused by increases recorded in prices of Bread and cereals, Milk, cheese and egg, Oils and fats, Potatoes, yam and other tubers, Meat and Coffee, tea and cocoa.

Specific attention to the inflation rate for Lagos State shows that the food index for the economic centre of the country rose by 20.3% in August 2021 compared to the corresponding period of 2020.

Meanwhile, this Nairametrics report contains information on items that witnessed price increase, price decrease, as well as information on special markets and market insights obtained from interviews of traders and customers.