The latest Food Price Watch from the National Bureau of Statistics (NBS) reveals a significant increase in major staple food prices across Nigeria, with double-digit growth observed month-on-month.
According to the NBS Food Price Watch, staple foods such as Garri, Rice, Beans, Beef, and bread saw price hikes averaging around 25%, with the lowest increase recorded at 10% between January and February 2024.
Rice:
The average price of 1kg of loose local rice surged by 19.69% from N1,021.79 in January 2024 to N1,222.97 in February. Year-on-year, the price increased by 134.81%.
Beans:
The average price of 1kg of brown beans (sold loose) rose by 20.62% from N976.58 in January 2024 to N1,177.9 in February. On an annual basis, the increase was significant.
Beef:
The monthly average cost of 1kg of boneless beef increased by 10.22% from N3,315.78 in January to N3,654.56 in February 2024. Year-on-year, the price jumped by 49.41%.
Garri:
The average price of loose Garri white per kilogram saw a staggering year-on-year increase of 109.16%, climbing from N345.88 in February 2023 to N723.45 in February 2024, with a monthly increase of 20.44%.
Yam:
The average price of Yam tuber per kilogram rose by 131.33% year over year, from N436.41 in February 2023 to N1009.56 in February 2024. On a month-over-month basis, it increased by 11.93%.
Egg:
The average price of one medium-sized agricultural egg surged by 58.21% year-on-year, from N88.03 in February 2023 to N139.28 in February 2024, with a monthly increase of 19.65%.
Bread:
The average price of a 500g sliced bread rose from N 904.02 in January 2024 to N1,047.86 in February, representing a 15.91% increase. Yearly, the price of bread increased by 89.48%.
Insights:
The substantial surge in staple food prices nationwide reflects the persistently high inflation levels. In February 2024, inflation reached 31.70%, with food inflation at 37.92%. Efforts to curb this hyperinflation, including the recent increase in the interest rate to 22.75% by the Central Bank of Nigeria (CBN), have yet to yield significant results.
