According to the latest report from the National Bureau of Statistics (NBS), there has been a significant shift in food prices. Tomatoes, beans, and garri have seen dramatic increases exceeding 200% over the past year.
The NBS’s Selected Food Price Watch for June 2024, released recently, highlights a staggering 320.67% year-on-year (YoY) increase in the price of tomatoes. The cost for 1 kg of tomatoes surged to ₦2,302.26 in June 2024 from ₦547.28 in June 2023.
Beans also saw a sharp rise, with 1 kg of loose brown beans reaching ₦2,292.76, marking a 252.13% YoY increase from ₦651.12 in June 2023.
The price of 1 kg of Irish potatoes jumped by 288.5%, climbing to ₦2,423.27 from ₦623.75 in the same period last year.
The NBS detailed in its report: “The Selected Food Price Watch for June 2024 shows a dramatic rise in the average price of 1 kg of brown beans (sold loose), which stood at ₦2,292.76. This reflects a 252.13% increase YoY from ₦651.12 in June 2023 and a 14.11% rise month-on-month from ₦2,009.23 in May 2024. Tomatoes (1 kg) saw a significant 320.67% increase YoY from ₦547.28 in June 2023 to ₦2,302.26 in June 2024. Month-on-month, the price rose by 55.59% from ₦1,479.69 in May 2024.
“Irish potatoes also experienced a notable price hike, with a 288.5% YoY increase from ₦623.75 in June 2023 to ₦2,423.27 in June 2024. Month-on-month, the price rose by 51.92% from ₦1,595.07 in May 2024. Additionally, the average price of 1 kg of Garri white sold loose increased by 181.66% YoY, from ₦403.15 in June 2023 to ₦1,135.51 in June 2024, with a 1.86% month-on-month rise.
“The price of 1 kg of yam tuber saw a 295.79% YoY increase from ₦510.77 in June 2023 to ₦2,021.55 in June 2024, and a 52.87% month-on-month increase from ₦1,322.36 in May 2024 to ₦2,021.55 in June 2024.”
The report also highlighted regional price variations, noting that Kogi State recorded the highest average price for 1 kg of brown beans at ₦3,006.43, while Adamawa State had the lowest at ₦1,336.11. For tomatoes, Abuja had the highest price at ₦3,992.61, while Kebbi State recorded the lowest at ₦1,200.00.
Lagos State reported the highest price for 1 kg of yam tuber at ₦3,376.54, whereas Adamawa had the lowest at ₦1,100.00. Gombe State had the highest average price for 1 kg of Garri white sold loose at ₦1,619.27, with Taraba State recording the lowest at ₦900.
