Food prices in Nigeria, particularly in Ebonyi and Abia states, have surged by a staggering 31 percent over the past year, from July 2022 to July 2023, according to the National Bureau of Statistics‘ monthly ‘Selected Food Price Watch’ report.
This surge has sparked concerns about the affordability of basic staples for many Nigerians. The ‘Selected Food Price Watch’ report tracks the prices of essential food items, including rice (1kg), beans (1kg), bread (500g), tomatoes, beef, wheat (2kg), garri (1kg), and palm oil (1 bottle).
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Among these items, yam experienced the most significant price increase, jumping by a whopping 42 percent, from N389.75 in July 2022 to N539.41 in July 2023. Following closely behind was rice, with the price of one kilogram surging from N467.80 to N653.49 within the same 12-month period.
Palm oil prices also saw a substantial increase, rising by 35 percent, from N890.67 to N1208.62 during the review period. Garri (1kg) recorded a 33 percent increase, climbing from N323.17 to N429.89, while 500g of sliced bread saw a 34 percent rise, going from N486.27 to N651.78.
Other staple foods such as tomatoes (N446.81 to N557.96), wheat (2kg) (N1094.72 to N1419.14), and beef (N2118.84 to N2758.13) also contributed to the overall surge in food prices. A closer look at the report reveals that South-Eastern states, with Ebonyi and Abia at the forefront, experienced the highest food price increases during the 12-month period.
States in the North Central region, including Kogi, Niger, and Benue, recorded the lowest food prices during the same period. The National Bureau of Statistics recently reported that food inflation in August reached 29.34 percent, a significant factor in pushing headline inflation from 24.08 percent in July to 25.80 percent in August.
The rise in food inflation was attributed to increases in the prices of oil and fat, bread and cereals, fish, fruit, meat, vegetables, potatoes, yam, and other tubers, as well as dairy products like milk, cheese, and eggs.
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