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Prominent Nigerian economist, Bismark Rewane, has predicted a fall in the price of food items such as rice, bread and others in the coming days.
Rewane said the policies of the Central Bank of Nigeria (CBN) are sure to yield positive results for the economy. In his view, food and core inflation are beginning to show signs of improvement. He pointed out that the cost of a bag of rice is on the downward trend at the moment, and he predicted a further reduction after the Ramadan fast. He added that the cost of a loaf of bread is also on the decrease and further expected to continue the downward trend. The economist made the prediction as part of his words as a guest on Channels Television’s News during the week where he reviewed the recent hike in interest rates by the CBN. According to him, “Now, let’s go down. In February, a bag of rice was N80,000. It went up to N95,000 and now it’s down to N88,000 a bag. We expect by June, it will come down to N85,000 because Ramadan and fasting are over. Now, the price of a loaf of bread is 1,300 in February, it is now at 1,600. We expect it to drop to 1400.”
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