News
World food prices jump in November – Report
World food prices rose significantly in November, reaching their highest point in more than two years, driven by jumps in the international prices of meat products and vegetable oils.
The FAO Food Price Index, which tracks monthly changes in the international prices of commonly-traded food commodities, averaged 177.2 points over the month, up 2.7 percent from October and 9.5 percent from the same period a year earlier.
The FAO Vegetable Oil Price Index rose by 10.4 percent in November, as palm oil price quotations rose amid robust global import demand, increased use for the production of biodiesels and expectations of possible supply shortages next year. Rapeseed and soy oil values also rose.
The FAO Meat Price Index increased by 4.6 percent, its largest month-on-month increase in more than a decade. Price quotations for bovine and ovine meats rose the most, buoyed by strong import demand, especially from China ahead of year-end festivities. Pig and poultry meat prices also rose.
The FAO Sugar Price Index rose by 1.8 percent from October, buoyed by mounting indications that world sugar consumption in the coming year will surpass production – which is being hampered by less-than-ideal growing conditions in Thailand, India, France and the United States of America.
The FAO Cereal Price Index, by contrast, declined by 1.2 percent amid stiff competition among the world’s leading wheat exporters. Rice values also fell while U.S. maize export prices remained under downward pressure even as those for Argentina and Brazil were generally firmer.
The FAO Dairy Price Index rose marginally from October, nudged up as milk production in Europe entered its seasonal low and global demand remained strong.
Record cereal production expected for 2019
FAO also released a new worldwide cereal production forecast for 2019, anticipating an all-time high harvest of 2 714 million tonnes, which would be 2.1 percent higher than in 2018.
The latest upward revision, contained in the new Cereal Supply and Demand Brief also released today, reflects higher-than-previously predicted coarse grain yields in China, the Russian Federation and Ukraine.
World output of coarse grains including maize is now forecast at 1 433 million tonnes, marginally short of the record level registered in 2017. After an upward revision for the European Union, global wheat production in 2019 is now forecast to rise by 4.8 percent from 2018 to reach 766.4 million tonnes. World rice production is likely to reach 515 million tonnes, a mere 0.5 percent drop from the record set in 2018, with Egypt, Madagascar and Nigeria all poised to spearhead a rebound for African rice production this season.
FAO’s world cereal utilization forecast for 2019/20 stands at 2 709 million tonnes, up around 21 million tonnes from the previous season. World cereal stocks at the close of seasons in 2020 are now expected to reach 863 million tonnes. At this level, the global cereal stock-to-use ratio would approach a relatively high level of 31 percent, underscoring a comfortable global supply situation.
World trade in cereals in 2019/20 is forecast at 416 million tonnes, some 1.1 percent higher than in 2018/19.
Weather hits cereal harvests in East and Southern Africa
There are 42 countries today in need of external assistance for food, according to FAO’s quarterly Crop Prospects and Food Situation report, also released today.
Compared to the September issue of the same report, Zambia, affected by drought conditions and record-high staple food prices, has been added to the list, which includes Afghanistan, Bangladesh, Burkina Faso, Burundi, Cabo Verde, Cameroon, Central African Republic, Chad, Congo, Democratic People’s Republic of Korea, Democratic Republic of Congo, Djibouti, Eritrea, Eswatini, Ethiopia, Guinea, Haiti, Iraq, Kenya, Lesotho, Liberia, Libya, Madagascar, Malawi, Mali, Mauritania, Mozambique, Myanmar, Niger, Nigeria, Pakistan, Senegal, Sierra Leone, Somalia, South Sudan, Sudan, Syrian Arab Republic, Uganda, Venezuela, Yemen, Zimbabwe.
The report also provides details on floods that followed earlier severe dryness, cutting harvest expectations in East Africa, and adverse weather conditions that caused a steep production decline in Southern Africa. Unfavorable harvests and significantly high staple food prices in Zimbabwe, set against an economy that has sharply deteriorated, will likely almost double the number of food-insecure people in the country during the first three months of 2020.
While the cereal output of Low-Income Food-Deficit Countries (LIFDCs) in Africa is expected to decline due to adverse weather that of LIFDCs in Asia is projected to increase, notably in Afghanistan and Syria.
The lawmaker representing Ibarapa East/Ido Federal Constituency in the House of Representatives, Engr. Aderemi Oseni, has mourned the death of a chieftain of the All Progressives Congress (APC) in Oyo State and former member of the Oyo State House of Assembly, Hon. Akeem Abimbola Oladipupo, popularly known as Able, describing his demise as a painful loss to the progressive family.
Oladipupo, who represented Ibadan North-West Constituency in the Oyo State House of Assembly, was widely regarded as a grassroots politician and committed party loyalist until his passing.
Oseni, who is also the Chairman, House Committee on Federal Roads Maintenance Agency and the APC candidate for Oyo South Senatorial District, said the late politician’s death had created a vacuum within the party and among those who benefitted from his unwavering commitment to public service.
In a condolence statement issued on Monday by his Media Aide, Idowu Ayodele, and made available to journalists in Ibadan, the Oyo State capital, the federal lawmaker described the late Oladipupo as a dependable progressive, humble political actor and loyal party stalwart whose impact would remain indelible.
He said the deceased dedicated his life to serving humanity, strengthening the progressive movement and supporting the aspirations of many at the grassroots.
Oseni said, “The death of Hon. Akeem Abimbola Oladipupo (Able) came to me as a rude shock. Oyo State and the progressive family have indeed lost a committed, loyal and selfless leader whose passion for service, humility and dedication to the people stood him out.
“He was not just a politician but a bridge-builder, a dependable ally and a grassroots mobiliser who believed strongly in the ideals of our great party. His contributions to the growth of the APC in Oyo State and his service to humanity will remain unforgettable.”
The APC senatorial candidate noted that the late former lawmaker remained steadfast in promoting peace, unity and political development, adding that his simplicity and accessibility endeared him to many across political divides.
According to Oseni, the late politician’s legacy of service and sacrifice would continue to inspire younger politicians and party faithful.
He, however, urged members of the APC, associates and family members of the deceased to take solace in the remarkable life he lived and the positive impact he made during his lifetime.
Oseni also prayed for the repose of the deceased’s soul and for God to grant his family the fortitude to bear the painful loss.
State governors have proposed a new national minimum wage of N100,000 for Nigerian workers as part of efforts to cushion them from the biting effects of inflation and the rising cost of living.
Governor AbdulRahman AbdulRazaq of Kwara State, who is also the Chairman of the Nigeria Governors’ Forum (NGF), disclosed the proposal on Saturday in a post by the state government’s official Facebook page. He said the move aims to improve workers’ welfare while ensuring that government finances remain sustainable.
“State governments recognise the urgent need to improve workers’ welfare in response to the current economic realities facing Nigerians,” AbdulRazaq said.
“We are actively engaging with the Federal Government and organised labour to arrive at a wage structure that is fair to workers and sustainable for government finances.”
The NGF chairman explained that ongoing discussions are focused on balancing the need to boost workers’ purchasing power with the capacity of governments to deliver essential public services and development projects.
“The goal is to improve the living conditions of workers while ensuring that states can continue to meet their obligations and sustain projects that directly impact citizens,” he added.
The proposed N100,000 minimum wage is expected to intensify national debates on salaries, inflation, and broader economic reforms as Nigerians continue to contend with rising food prices, transportation costs, and other living expenses.
Currently, Nigeria’s statutory minimum wage stands at N70,000 per month. Some states, including Lagos, Rivers, and Imo, are already paying above the national benchmark to support workers amid the country’s economic challenges.
Meanwhile, the Nigeria Labour Congress (NLC) has continued to call for a comprehensive review of salaries, insisting that workers deserve a living wage that reflects present-day economic realities rather than merely guaranteeing survival.
The average retail price paid by consumers for Premium Motor Spirit, popularly known as petrol, rose to N1,532.93 per litre in April 2026, representing a 23.69 per cent increase compared to the N1,239.33 recorded in the corresponding period of 2025, findings by the National Bureau of Statistics (NBS) have shown.
The sharp rise in petrol prices came amid mounting inflationary pressure and worsening living costs, with Nigerians grappling with soaring transportation and food expenses that have continued to shrink household purchasing power.
The NBS disclosed this in its Premium Motor Spirit (Petrol) Price Watch for April 2026, released on Friday.
The report further showed that on a month-on-month basis, petrol prices rose by 18.97 per cent from N1,288.54 recorded in March 2026, underscoring persistent volatility in the downstream petroleum market.
A breakdown of prices across states revealed that Yobe recorded the highest average retail price for petrol at N1,599.05 per litre during the review period.
Edo and Bauchi followed closely with average prices of N1,595.74 and N1,589.07, respectively.
However, Niger residents paid the least for petrol at an average of N1,403.89 per litre, while Sokoto and Katsina recorded N1,404.16 and N1,406.28 respectively.
At the zonal level, the South-South recorded the highest average retail price at N1,566.76 per litre, while the North-West posted the lowest at N1,508.81.
The latest petrol price increase comes as millions of Nigerians continue to battle the ripple effects of rising inflation, with higher energy costs worsening transportation fares and the prices of essential commodities.
Similarly, the NBS said the average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas, also known as cooking gas, rose by 13.73 per cent month-on-month to N8,706.93 in April 2026 from N7,655.73 recorded in March.
On a year-on-year basis, the price increased by 10.42 per cent from N7,885.60 recorded in April 2025.
Lagos recorded the highest average price for refilling a 5kg cylinder at N9,745.10, followed by Nasarawa at N9,451.70 and Bayelsa at N9,422.74.
In contrast, Anambra recorded the lowest average price at N7,204.76, while Ondo and Ogun followed with N7,239.49 and N7,825.75, respectively.
At the regional level, the North-West recorded the highest average retail price for refilling a 5kg cylinder at N9,025.07, followed by the North-East at N8,847.16, while the South-East posted the lowest average price at N8,224.37.
Also, the average retail price for refilling a 12.5kg cylinder of cooking gas increased by 13.89 per cent month-on-month to N22,382.20 in April 2026 from N19,652.83 in March.
Compared to April 2025, the price rose by 10.43 per cent from N20,268.06.
According to the NBS LPG Price Watch for April, Katsina recorded the highest average retail price for refilling a 12.5kg cylinder at N25,596.71, followed by Kogi at N24,558.25 and Gombe at N24,438.97.
Ogun recorded the lowest average price at N19,564.36, while Bauchi and Anambra followed at N20,178.87 and N20,511.90 respectively.
The North-West recorded the highest zonal average retail price for refilling a 12.5kg cylinder at N23,276.95, followed by the North-Central at N22,865.29, while the South-East posted the lowest average at N21,060.92.
The latest figures signal growing pressure on household energy costs, raising concerns over the implications for inflation and the cost of living in the coming months.
-
News1 week agoEid: Oseni Calls for Vigilance, Lauds Security Operatives
-
Politics6 days agoAlli, Folarin, Adedeji, Oseni, Dare Named to APC Ekiti Re-election Campaign Team
-
News1 week agoEid-El-Kabir: JTF warns of Boko Haram, ISWAP attacks
-
News1 week agoOyo Abduction: SWEGOP Demands Swift Rescue of Pupils, Teachers
