Emmanuel OchayiAs food prices in Nigeria continue the relentless climb, latest data from the National Bureau of Statistics (NBS) reveals alarming spike in cost of essential items, leaving many struggling to afford basic needs.
The NBS’s freshly released report, titled ‘Selected Food Prices Watch (August 2023),’ paints a stark picture of the growing food inflation crisis in the country.
In a nationwide survey, the NBS examined the prices of various food commodities, including beef, tomatoes, beans, garri, yam, and more. The findings indicate that Nigerians are facing an increasingly challenging economic situation as they grapple with rising prices.
According to the report, the average price of 1kg of boneless beef surged by 30.75 percent from August 2022 to August 2023, reaching N2,799. This month-on-month increase amounts to 1.50 percent, compounding the woes of consumers already struggling to make ends meet.
Local rice, a staple in many Nigerian households, also witnessed a staggering price hike. On a year-on-year basis, the price of 1kg of loose local rice surged by an alarming 62.68 percent, soaring from N454.10 in August 2022 to N738.74 in August 2023. On a month-on-month basis, this essential commodity saw a 13.04 percent increase from July 2023.
READ ALSO: LIRS Urges Businesses To Educate Patrons On 5% Consumption Tax
Yam, another dietary staple, became 42.80 percent more expensive on a year-on-year basis, with the price of 1kg of yam tuber rising from N403.65 in August 2022 to N576.39 in August 2023. Even on a month-on-month basis, the price edged up by 2.10 percent.
Palm oil, widely used in Nigerian cuisine, followed suit, experiencing a 38.13 percent year-on-year increase, from N896.63 in August 2022 to N1,238.56 in August 2023.
This trend continued on a month-to-month basis, with a 2.48 percent rise from July.
Garri, a household favorite, also saw its price surge by 49.16 percent on a year-on-year basis, from N305.92 in August 2022 to N456.32 in August 2023. On a month-on-month basis, the increase was 6.15 percent.
The NBS further highlighted that the average annual rate of food inflation for the twelve months ending in August 2023 was a staggering 25.01 percent, representing a substantial 5.99 percent increase from the rate recorded in August 2022, which stood at 19.02 percent.
These soaring food prices are causing considerable concern among Nigerians, who are grappling with the daily challenge of putting affordable meals on their tables. As prices continue to rise, it remains to be seen how this crisis will affect the lives of ordinary citizens and the overall economic stability of the nation.
Follow Us