Retail prices of wheat flour continued to rise sharply in February 2024.

Wholesale prices of rice declined marginally in March 2024, but remain at high levels, mostly due to tight market availabilities and high production and transport costs.

Prices of cereals rose further in February 2024 and were well above their year-earlier levels, underpinned by the below-average cereal output in 2023, high transport costs, depreciation of the naira, strong local demand and conflict-related market disruptions.

Drought conditions are curtailing production prospects of the white maize crop, with a below-average harvest foreseen in 2024.

Prices of maize and sorghum surged in March 2024 following a sharp depreciation of the national currency due to reduced oil exports. Prices are at record levels due to tight supplies, the lingering impact of prolonged conflict and macroeconomic challenges.

Prices of cereals continued to increase in February 2024 despite the recent completion of the 2023 harvest, as cereal production was sharply reduced due to the ongoing conflict. High input prices boosting production and transport costs provided further support to prices.

Maize grain prices continue to post new record highs, amid widespread drought conditions that could stoke inflationary pressure for the remainder of 2024.

Maize grain prices continue to post new record highs, amid widespread drought conditions that could stoke inflationary pressure for the remainder of 2024.