According to him, food inflation remains the biggest driver of Nigeria’s cost-of-living crisis, eroding household purchasing power, worsening poverty and food insecurity, and weakening the inclusiveness of ongoing economic reforms.

Yusuf argued that the inflation challenge remained largely structural rather than monetary, citing insecurity, high transportation and logistics costs, elevated energy prices, rising fertiliser costs, supply chain disruptions and imported inflation as the major drivers of rising prices.

He added that the June inflation figures did not justify another monetary policy tightening by the Central Bank of Nigeria, saying the immediate priority should be coordinated structural reforms to boost food production, improve logistics, reduce energy and production costs, deepen domestic petroleum refining and strengthen productivity across the economy.

Punch