Lagos, July 16, 2026- The Centre for the (CPPE) has called for federal government’s intervention to bring down current high prices of food items.
The Centre made the call on Monday in a statement signed by Muda Yusuf, its Chief Executive, while reacting to the June inflation rate as published by the National Bureau of Statistics (NBS)
According to the report, food inflation rose sharply in June from 2.98% in May to 3.75% in June.
The CPPE described the rise as the strongest monthly increase in several months, which it said, suggested that food prices had resumed an upward trajectory after a brief period of moderation.
“This development has important economic and social implications. Food inflation remains the greatest driver of the cost-of-living crisis, eroding household purchasing power, worsening poverty and food insecurity, and weakening the inclusiveness of the current reform programme.
“Sustained moderation in food prices is therefore critical to improving welfare and strengthening public confidence in the reform process,” it said.
The Centre said the renewed increase in food inflation reflected persistent supply-side constraints, including insecurity, high transportation and logistics costs, elevated energy prices, rising fertilizer costs, supply-chain disruptions and imported inflation arising from recent geopolitical developments, all which are monetary policy challenges.
It, therefore, urged the minister of finance and coordinating minister of the economy to establish a ministerial advisory committee to recommend practical measures for addressing the structural economic constraints.
The CPPE said this initiative should be complemented by structural reforms that would improve productivity, reduce business costs and strengthen household welfare.
“Priority interventions (by the federal, states and local governments) should include restoring security in farming communities, expanding irrigation and all-season agriculture, accelerating mechanisation, promoting technology adoption, improving access to affordable agricultural finance and inputs, reducing post-harvest losses through better storage infrastructure, and lowering transportation and logistics costs across the agricultural value chain.
“Equally important is making agriculture more technology-driven and commercially attractive to encourage greater youth participation,” it said.
The Centre also urged the government to sustain exchange-rate stability and deepen domestic petroleum refining to reduce foreign exchange demand for fuel imports, moderate imported inflation and strengthen macroeconomic resilience.
“The June inflation data do not warrant further monetary tightening. Headline inflation has largely stabilised, core inflation continues to moderate and the principal drivers of inflation remain structural rather than demand-induced.
“Accordingly, the CPPE expects the Monetary Policy Committee to maintain the current monetary policy stance at its next meeting.
“The immediate policy priority should be for the monetary authorities to collaborate with the fiscal authorities to accelerate structural reforms that expand food supply, improve logistics, reduce energy and production costs, reduce debt service costs, strengthen domestic value chains and enhance productivity. These measures offer the most sustainable path to lower inflation, stronger growth and improved living standards,” it said..
