Food prices push Nigeria inflation to 17-month high after border closures
21 November 2019 | 1:59 pm
Nigeria inflation has slowed after the country exited a recession which made importation expensive, but food inflation has remained high. Nigeria has since August partially closed land borders to halt trade amid a crackdown on smuggling, but the move is expected to push up prices.
The world is facing its worst food crisis in history. Millions of tonnes of wheat are stuck in Ukraine, worsening an already precarious situation for many countries that depend on exports from the region. IMF Managing Director Kristalina Georgieva tells FRANCE 24 Business Editor Kate Moody that only "very strong international mobilisation" will save the lives of millions of people. Also in our update from Davos: EU member states move towards an embargo on Russian oil, but with no consensus on the timeline.
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Amid a growing food crisis sparked by disrupted grain exports from Ukraine and Russia, the EU's ambassador to Ukraine Matti Maasikas told FRANCE 24 that exports by land more than doubled between April and May, from 600,000 tonnes to 1.5 million tonnes.
Traders across various markets in Nigeria have lamented the fast-growing inflation as food prices have continued to record an exponential growth in price. GuardianTV went to the market to speak with both sellers and buys about how expensive things have become.
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