Nigerian Economist Predicts Price Drop for Rice and Bread

Renowned Nigerian economist Bismark Rewane has painted a promising picture for consumers, foreseeing a drop in prices for essential food items such as rice and bread in the near future. He expressed confidence in the Central Bank of Nigeria’s (CBN) policies, anticipating their positive impact on the economy.

Highlighting signs of improvement in food and core inflation, Rewane noted a current downward trend in the cost of a bag of rice, with further reductions expected after the conclusion of Ramadan. Similarly, the price of a loaf of bread has also begun to decrease and is projected to continue its downward trajectory.

These insights were shared by the economist during his appearance as a guest on Channels Television’s News, where he analyzed the recent decision by the CBN to increase interest rates. According to Rewane, the price of a bag of rice, which stood at N80,000 in February, rose to N95,000 before settling at N88,000. He predicts a further decline to N85,000 by June, attributing this trend to the conclusion of Ramadan. Likewise, he expects the price of a loaf of bread, currently at N1,600 from N1,300 in February, to drop to N1,400 in the near future.

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