Recent data released by the National Bureau of Statistics (NBS) reveals a significant increase in the prices of major staple foods across Nigeria during the month of February, marking a double-digit rise compared to the previous month.
According to the NBS Food Price Watch, staple food items such as Garri, Rice, Beans, Beef, and bread witnessed price hikes ranging from 10 per cent to as high as 25 per cent between January and February 2024.
Rice:
The average price of 1kg of loose local rice surged by 19.69 per cent from N1,021.79 in January 2024 to N1,222.97 in February. Yearly statistics show a notable increase of 134.81 per cent from its price a year ago.
Beans:
1kg of brown Beans (sold loose) experienced a price hike of 20.62 per cent within a month, rising from N976.58 in January 2024 to N1,177.9 in February. On an annual basis, the price of brown beans witnessed a considerable jump.
Beef:
The monthly average cost of 1kg boneless beef rose by 10.22 per cent from N3,315.78 in January to N3,654.56 in February 2024. Year-on-year data indicates a notable increase of 49.41 per cent from the previous year.
Garri:
The average price of loose Garri white per kilogram saw a significant surge of 109.16 per cent year-on-year, climbing from N345.88 in February 2023 to N723.45 in February 2024, with a monthly increase of 20.44 per cent.
Yam:
The average price of Yam tuber per kilogram rose by 131.33 per cent year-on-year, escalating from N436.41 in February 2023 to N1009.56 in February 2024. On a month-on-month basis, it witnessed an 11.93 per cent increase
Egg:
The average price of one medium-sized agricultural egg surged by 58.21 per cent year-on-year, climbing from N88.03 in February 2023 to N139.28 in February 2024, with a monthly increase of 19.65 per cent.
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 per cent increase. Yearly, the price of bread saw a significant rise.
The substantial surge in staple food prices nationwide reflects the persistent high levels of inflation. In February 2024, inflation rate soared to 31.70 per cent, with a food inflation rate of 37.92 per cent. Efforts to curb this hyperinflationary trend, including a recent increase in the interest rate by the Central Bank of Nigeria (CBN) to 22.75 per cent, are yet to yield significant results in mitigating inflationary pressures on consumers.
