Nigeria Forms Committee to Address Food Security

Nigeria's headline inflation rate decreased to 33.40% in July 2024, marking the first decline since December 2022, driven primarily by lower food prices which fell to 39.53%. The National Bureau of Statistics reported a slight overall inflation drop from 34.19% in June, aided by the government's temporary import duty relief on food. In response to ongoing inflation challenges, the Nigerian government has formed a joint committee to enhance food security and promote dry-season farming to ensure year-round agricultural production. Despite these improvements, inflation remains significantly higher than the previous year, with a year-on-year increase of 9.32 percentage points. Additionally, U.S. food inflation is also showing signs of easing, with consumers noting a reduction in their food spending expectations. However, challenges remain, as many consumers continue to feel the impact of rising housing and living costs.