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July 25, 2024

FAO Predicts Escalating Staple Food Prices in West African Markets

The Food Agriculture Organisation (FAO) said the forthcoming surge in West African markets will have a far negative impact in the escalation of prices of essential foods such as rice, maize, millet, cereals, amongst others.

It was gathered that this surge is expected to impact Nigeria and other West African nations as highlighted in December by the Food and Agriculture Organization (FAO).

According to the report by FAO, the expected increase is due to a combination of factors, including reduced production, trade limitations, and global geopolitical influences, adding that these developments pose potential challenges to both the accessibility and affordability of food in the region, demanding close attention from policymakers and the public alike.

The escalation of food prices, the report elaborated, was largely driven by the impending hike in staple foods, global inflation, escalating food prices, month-on-month headline inflation which reached 2.09 per cent last month, marking a 0.35 percentage point rise from October’s 1.73 per cent.

Furthermore, the report underscores that staple food prices currently surpass the five-year average across the region. 

This elevation stems from several factors, including production shortfalls, trade constraints, insecurity in the Sahel region, elevated global prices, increased transaction expenses, and currency depreciation in the Gulf of Guinea’s coastal countries.

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