The Centre for the Promotion of Private Enterprise (CPPE) has raised fresh concerns over rising food prices, warning that renewed food inflation is worsening the cost-of-living crisis and pushing more Nigerians into poverty.
Reacting to the June 2026 inflation report released by the National Bureau of Statistics (NBS), CPPE Chief Executive Officer, Dr. Muda Yusuf, said although headline inflation has remained relatively stable, food inflation has resumed an upward trend, posing a major threat to household welfare.
According to him, headline inflation dropped marginally from 15.93 per cent in May to 15.91 per cent in June, while month-on-month inflation eased from 1.75 per cent to 1.66 per cent, indicating that overall inflation had largely stabilised.
However, he noted that food inflation rose from 17.43 per cent to 17.52 per cent year-on-year, while month-on-month food inflation jumped sharply from 2.98 per cent to 3.75 per cent, the highest monthly increase recorded in several months.
Yusuf described the development as worrying, saying food inflation remains the biggest driver of Nigeria’s cost-of-living crisis.
He said persistent insecurity in farming communities, high transportation and logistics costs, rising energy and fertiliser prices, supply chain disruptions and imported inflation caused by global geopolitical tensions were responsible for the renewed surge in food prices.
According to him, these are structural challenges that cannot be solved through monetary policy alone.
The economist also expressed concern over rising urban inflation, which stood at 16.08 per cent, above the national headline inflation rate of 15.91 per cent.
He attributed the trend partly to the displacement of rural residents by insecurity, forcing many people into cities and increasing demand for housing, transport, utilities and other essential services.
Yusuf urged the Federal Government to intensify efforts to restore security in farming communities, expand irrigation, promote mechanised farming, improve access to affordable agricultural financing and reduce post-harvest losses through better storage facilities.
He also advocated lower transportation costs, greater adoption of technology in agriculture and policies that would make farming more attractive to young Nigerians.
While commending the Minister of Finance and Coordinating Minister of the Economy for setting up a Ministerial Advisory Committee to address Nigeria’s structural economic challenges, Yusuf said macroeconomic reforms must be backed by practical measures that improve productivity and reduce the burden on households.
He also urged the government to sustain exchange-rate stability and deepen domestic petroleum refining to reduce dependence on fuel imports, curb imported inflation and strengthen the economy.
