As Nigerians gear up to usher in the New Year, the prevailing concern over skyrocketing food prices continues to cast a shadow on households nationwide.
The National Bureau of Statistics (NBS) November 2023 report has unveiled alarming statistics, indicating a food inflation rate of 32.84 per cent, exacerbating the economic challenges faced by citizens grappling with the relentless surge in living costs.
Key Insights from the NBS Report:
Year-on-Year Food Inflation: The NBS report for November 2023 highlights a substantial year-on-year increase of 8.72 per cent points in food inflation compared to the same period in 2022. The surge is attributed to significant price hikes across various categories, including Bread and Cereals, Oil and Fat, Potatoes, Yam and Other Tubers, Fish, Fruit, Meat, Vegetables, Coffee, Tea, and Cocoa.
Month-on-Month Increase: November 2023 witnessed a 2.42 per cent month-on-month increase in the food inflation rate, up from the October 2023 rate of 1.91 per cent. This upward trend is attributed to rising average prices for essential items like Bread and Cereals, Oil and Fat, Meat, Coffee, Tea, Cocoa, Potatoes, Yam, and Other Tubers.
Escalation Over Three Years: NATIONAL ECONOMY reports a staggering 92.73 per cent increase in the average cost of food and drinks over the past three years, underscoring the financial strain on households.
Meal Costs vs. Minimum Wage: The cost of preparing a meal at the end of the year now represents about 73 per cent of the minimum wage for the average Nigerian household, further highlighting the economic challenges induced by inflation.
Top 10 Food Items Witnessing the Highest Price Increase (November 2023):
10. Chicken Feet:
• Year-on-Year Increase: 70.46%
• Monthly Increase: 21.76%
• Highest Price: Delta (N2,725 per kilo), Lowest Price: Abuja (N725)
9. Broken Rice (Ofada):
• Year-on-Year Increase: 71.04%
• Monthly Increase: 15.81%
• Highest Price: Ogun (N1,668.83 per kg), Lowest Price: Zamfara (N686.67)
8. Evaporated Tinned Milk Carnation 170g:
• Year-on-Year Increase: 71.57%
• Monthly Increase: 2.73%
• Highest Price: Ebonyi (N530.9), Lowest Price: Kogi (N390)
7. Rice Locally Sold Loose:
• Year-on-Year Increase: 73.16%
• Monthly Increase: 5.83%
• Highest Price: Lagos (N1,122.42 per kg), Lowest Price: Kebbi (N688)
6. Maize Grain White Sold Loose:
• Year-on-Year Increase: 75.34%
• Monthly Increase: 1.52%
• Highest Price: Rivers (N799.37 per kg), Lowest Price: Bauchi (N365.37)
5. Maize Grain Yellow Sold Loose:
• Year-on-Year Increase: 76.01%
• Monthly Increase: 3.77%
• Highest Price: Enugu (N783.74 per kg), Lowest Price: Niger (N352.9)
4. Yam Tuber:
• Year-on-Year Increase: 83.51%
• Monthly Increase: 12.37%
• Highest Price: Oyo (N1,301.44 per tuber), Lowest Price: Yobe (N365.38)
3. Sweet Potato:
• Year-on-Year Increase: 85.28%
• Monthly Increase: 21.78%
• Highest Price: Akwa Ibom (N1,016.61 per kg), Lowest Price: Kaduna (N246.38)
2. Plantain (Ripe):
• Year-on-Year Increase: 88.04%
• Monthly Increase: 10.54%
• Highest Price: Delta (N1,219.86), Lowest Price: Borno (N350)
1. Plantain (Unripe):
• Year-on-Year Increase: 103.85%
• Monthly Increase: 13.82%
• Highest Price: Delta (N1,152.75), Lowest Price: Adamawa (N362.5)
