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Price of foodstuffs to go up in Tunisia following protests by farmers

Published

3 years ago

May 11, 2022

The Tunisia government says it will raise the prices of basic foods items like milk, eggs and poultry following days of protests by farmers against a rise in the price of barley and animal feed due to the war in Ukraine and an increase in energy costs.

The announcement was made on Wednesday morning by Agriculture Minister Mahmoud Elyess Hamza who said the price increase is likely to take effect as early as Thursday.

“We will announce on Thursday May 12 a price review for eggs, poultry and milk to ensure the profit margin for producers.

“The Tunisian consumer must support the Tunisian farmer, because the farmer is a pillar of Tunisian food security in this delicate situation around the world,” Hamza said.

The farmers began the nationwide protests on Monday and in several areas, lamented the high cost of animal feed, with some cutting roads, while others poured milk in the streets and threatened to cut production.

The North African country which has been in a deep financial crisis in the past two years, has been badly hit by a rise in global wheat prices resulting from the Russian war in Ukraine.

The Economy Minister Samir Saied had in March, attributed the impact of wheat and oil price rises on Tunisia’s budget saying it will be slightly less than about $1.7 billion this year.

Trade unions officials had last week, warned that the wave of repeated price increases and a fall in purchasing power amid a severe economic crisis could lead to protests the authorities may not be able to control.

Last month, the government raised the price of fuel by 5%, making it the third hike this year, with the energy ministry saying the country will raise local fuel prices every month this year by no less than three percent, which may mean an increase of at least 30 percent by the end of 2022.

Related Topics:Featured Foodstuff Protest Tunisia

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Moroccan annual inflation rises to 0.8% in November

Published

4 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

5 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”