The President, Abuja Chamber of Commerce and Industry (ACCI), Emeka Obegolu, on Saturday, lamented the persistent surge in the price of food commodities across the country.

Obegolu said the situation, if unaddressed, would cripple small-scale businesses which are struggling to adjust to various economic reforms by the Bola Tinubu-led administration.

Recall that food inflation rose to 40.66 per cent with the country’s headline inflation rate sitting at 33.95 per cent in May 2024.

This figure is the highest historical record the National Bureau of Statistics (NBS) has announced through its Consumer Price Index (CPI) report.

Obegolu in a statement in Abuja said, “The Abuja Chamber of Commerce and Industry expresses deep concern over the persistent rise in commodity prices, which is adversely affecting small-scale business owners and escalating poverty levels in the country.

“The surge in prices of essential food items such as rice, beans, cassava flour, tomatoes, pepper, onions, and others has aggravated the plight of the average citizen, rendering basic meals increasingly unaffordable for many households.

“However, on-ground observations suggest that the true food inflation rate exceeds 50 per cent, highlighting the severity of the situation and its dire impact on livelihoods.

“Experts attribute this economic hardship to the drastic depreciation of the national currency, the naira, which has significantly eroded citizens’ purchasing power.

“The resulting exchange rate volatility has disrupted businesses, increased production costs, and thwarted projections for economic growth”.

Speaking on controlling and corrective measures to be implemented, Obegolu emphasised the urgent need for government intervention to address the escalating food crisis, warning that failure to act promptly could lead to future health and state crises.

“Food is a fundamental necessity of life, and its affordability directly impacts the well-being of citizens. The escalating food inflation crisis poses a severe threat to food security and exacerbates poverty levels.

“The government must take decisive action to mitigate this crisis and alleviate the suffering of the populace,” the ACCI boss said.