The price of Nigeria’s popular instant noodle, Indomie, surged to N17,500 to N18,000 per carton (120g super pack) from N11,140 on February 13 2024, POSTREPORTERS reports..…..CONTINUE READING>>>>>>
A market survey by POSTREPORTERS on Saturday in Wuse, Dutse and Utako markets showed that prices of Indomie increased by 38.1 per cent in two weeks.
The new price is N12,500 (67 per cent) increment compared to the N6,000 per carton it was sold for in February last year.
Further analysis showed that a single pack of indomie (Super pack) was sold for N500 from N350 two weeks ago, while another brand of noodles went for N450.
The implication is that a Nigerian earning N30,000 minimum wage would have to spend N18,500 to get a cartoon of noodles.
Recall that the National Bureau of Statistics showed that food inflation soared to 35.42 per cent in January.
Also, in January this year, the Food and Agricultural Organisation, FAO, World Food Programme, WFP, and others predicted a hike in staple food prices in Nigeria and other West African countries.
Earlier, an analysis by POSTREPORTERS reports that Nigerians bemoan unbearable hardship under President Bola Ahmed Tinubu’s government.
The hardship led to protests in Niger, Kogi and Oyo states while calls for more civil actions mounted.
As a solution, the federal government on February 14 promised to release 42,000 metric tonnes of grains and cut down prices of staple foods.
However, weeks after the announcement, citizens are yet to benefit from its implementation.…..CONTINUE READING>>>>>>
