Nigeria’s federal government has told retailers to reduce food prices and shunned exploiting consumers amid January’s drop in the inflation rate to 24.48 per cent.
According to NAN, the Minister of Agriculture and Natural Resources, Abubakar Kyari, stated this on Tuesday during the 2025 Wheat Farmers Green Field Day at Dabi village in Ringim Local Government Area of Jigawa State.
He decried the nonchalant attitude of retailers in reflecting the reduction in their sales despite the drop in prices, describing it as unpatriotic and unacceptable.
“The federal government is aware of the significant drop in the prices of food items across major markets, particularly for essential commodities such as flour, sugar, rice, and pasta.
“However, it is deeply concerning that many retailers, bakers, and shop owners have refused to reflect this reduction in their selling prices, thereby denying Nigerians the relief they deserve.
“In previous months, stakeholders in the retail value chain raised concerns about the rising cost of food items. Now that the prices have dropped, such as flour, which fell from N81,000 per bag to below N60,000, and spaghetti, which has fallen from N20,000 to N15,000.
“It is only fair and just to let consumers benefit from food price reduction,” Kyari said.
News360 Info reports that headline and food inflation dropped to 24.48 per cent and 26.08 per cent in January 2025, down from 34.8 per cent and 39.84 per cent in the previous month due to the country’s consumer price index rebasing.
Meanwhile, the Centre for the Promotion of Private Enterprise explained that the sharp deceleration of Nigeria’s inflation in January 2025 does not amount to reducing the prices of goods and services.
