CADEF Pushes For Inquiry Into Prolonged Surge In Food Prices

A recent study conducted jointly by Consumers International and the Consumer Advocacy and Empowerment Foundation (CADEF) has revealed alarming trends in the pricing dynamics of food items in Nigeria…………CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

The research, which spanned across six geopolitical zones and examined the fluctuation of food prices between November and December 2023, uncovered a sustained rise in retail prices compared to wholesale rates.

This concerning trend was particularly noticeable for staple foods such as beans, yam, rice, chicken, and maize.

In a press release provided to Daily Sun, CADEF emphasized the imperative for a comprehensive investigation by national authorities to ensure fairness in food markets, particularly those identified as areas of concern.

Previous studies conducted by the organization in August highlighted a significant discrepancy between retail/consumer prices and wholesale/market rates for essential food commodities. This disparity suggests that consumers are disproportionately bearing the brunt of heightened costs, raising questions about market equity.

In response to these concerns, Consumers International, representing consumers globally, has developed a tool named the Fair Food Price Monitor. This tool facilitates the monitoring of food price dynamics at various stages of the supply chain, utilizing data from reliable sources such as the National Bureau of Statistics and FEWS NET.

Davine Minayo, a Specialist in Fair Food Prices in Africa at Consumers International, emphasized the importance of data-driven decision-making in addressing market imbalances.

Minayo stated, “Our collaborative efforts aim to illuminate the issues affecting consumers and farmers in Nigeria.”

She added, “A detailed analysis of farm gate, wholesale, and retail prices for commodities including maize, rice, beans, yam, palm oil, and chicken over the past three weeks has revealed significant price fluctuations.”

Minayo continued, “November and December witnessed notable shifts in the percentage changes across the value chain for key commodities such as beans, chicken, maize, and yam.”

“Intriguingly, yam emerged as a significant player in December, securing a noteworthy percentage change.”

The group emphasized the necessity for regulatory measures to ensure fair pricing in food markets.

Prof. Chiso Okafor, Executive Director of CADEF, stressed the urgency of regulatory intervention to address any unfair practices exacerbating the burden on consumers and farmers.

In response to the identified challenges, stakeholders are urged to commit to collaborative efforts in addressing concerns at both farm gate and retail levels. This includes cooperation with market associations, farmers’ associations, security agencies, and other relevant bodies.

The group underscored the importance of nuanced analysis as a catalyst for collective action to navigate the complexities of the food supply chain.

“Consumer organizations advocate for government initiatives to mitigate the threat of unfair food prices, including measures to strengthen competition, penalize anti-competitive behaviors, address monopolies, alleviate multiple taxations, and provide subsidies for farmers.”