Despite the recent drop in Nigeria’s inflation rate to 33.40% in June, residents of Imo State continue to feel the pinch of high food prices, with many lamenting the persistent increase in the cost of living.
The National Bureau of Statistics (NBS) reported that Nigeria’s inflation rate has cooled down for the first time since December 2022.
However, the ease in inflation has not been felt by Nigerians, especially in Imo State, where food prices remain high.
A visit to major markets in Owerri Municipal, including Relief Market and Eke Ukwu Owerre Market, revealed that the prices of major commodities and food items remain high, contradicting assurances from the Federal and State Governments that prices would soon crash.
The price of a bag of rice has increased to between N75,000 and N78,000 from N70,000, while a painter of rice has surged to N7,500 from N6,000.
Beans have also increased in price from N7,000 to N8,000 for one painter.
A tuber of yam now sells for N4,000 or N3,500 depending on the size, up from N2,500.
A family size loaf of bread has increased in price from N1,200 to N1,700.
The smallest size of stockfish sells for N1,000, while the biggest size sells for N7,000.
Ernest Ibe, a civil servant in Owerri and father of five, lamented that he has had to cut down on the number of meals his family eats due to the high prices.
“I can’t afford three meals a day in my home. Because if we eat three meals, we may go hungry in some days.
“Government is paying lip service to the suffering of the people, and this is not acceptable,” Ibe said.
Mrs. Grace Igwe, an onion seller at Relief market, complained that nothing has changed, with the price of one bulb of onion increasing to N100.
“Business is bad. One bulb of onion is N100. This was not so in the past, and the price is on the rise because of cost of transportation,” She said.
Mr. Kemdi Onuoha, a provision shop owner, attributed the high food prices to the cost of transportation, which has increased since the fuel subsidy was removed by President Bola Tinubu.
“Since fuel subsidy was removed, business has not been the same. Cost of transportation has eaten deep into our profits from our business,” Onuoha said.
Onuoha suggested that the Imo State government should set up a Commodity Board to check the prices of goods and food items in the State.
“The Imo State government should set up a Commodity Board, to check the prices of goods and food items in the State,” Onuoha said.
Last year, Governor Hope Uzodimma said a Commodity Board and Cluster markets would b set up across the 27 local governments to checkmate the cost of food prices.
Such Board is yet to be constituted.