In response to Nigeria’s escalating food prices, the Bank of Industry (BOI) has introduced a mobile application, Pricesense, and its web version Pricesense.ng, 9am News Nigeria reports. The app allows users to monitor real-time retail and wholesale prices of essential food items like rice, beans, and garri across Nigerian states.
Food inflation surged to 42% in June 2024, driven by irregular rainfall, insecurity, fuel subsidy removal, and excessive food exports. The World Bank warned that at least seven states face famine-like conditions, with 32 million Nigerians severely impacted by the crisis.
Efforts by the Federal Government, including import-duty suspensions and grain distribution, have been largely ineffective. Analysts blame food hoarding by farmers selling to the government at inflated prices.
Meanwhile, the Federal Competition and Consumer Protection Commission (FCCPC) has condemned food cartels for manipulating prices, worsening food inflation.
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