NBS report gives Ekiti clean bill on food prices

By Samuel Ogunsona

The National Bureau of Statistics (NBS) latest Consumer Price Index (CPI) has indicated a moderation of food prices in Ekiti State.

The NBS, in the monthly release for August, said food prices, which often drives state-level inflation, actually eased significantly during the period.

Observers link the good news to various interventions by the Ekiti State Government led by Mr Abiodun Oyebanji.

According to the report, food index dropped by 6.8 percent month-on-month, while annual food inflation at 16.8 percent, is currently below the national average.

The significant improvement, though still far from the target set by the Governor, Mr Oyebanji, is as a result of concerted efforts and the administration’s huge investment in agriculture development, the Chief Press Secretary to the State Government, Mr Olayinka Oyebode said in a statement made available to Irohinoodua.

He said the administration’s approach to agriculture is anchored on youth involvement as well as Government’s strategic partnership with the private sector is responsible for the record.

This has led to more youth involvement in agriculture with attendant food surplus and drop in cost of food items. In addition, the price moderation reflects the impact of Ounje Ekiti, an initiative of the Ilu Eye Trading Company which now undertakes strategic intervention in boosting food supply.

However, the Government also noted the NBS report which indicated that the State had the highest inflation rate for the month of August. According to the NBS release, the State recorded an all-item inflation rate of 28.2 percent year-on-year.

The report indicated that inflation in Ekiti is powered by non-food categories such as housing, transport, electricity and other services.

The State Government expects that interventions like its ease of doing business reforms will eventually bring down housing costs; investment in our road network will reflect in lower transportation costs; and finally, the investment in community electrification will also moderate power costs.

In addition, the Government will reinforce its engagement with both private and public institutions and continue to adopt a data driven approach to improving the lives of Ekiti people.