Major staple food prices across Nigeria saw double-digit increases month-on-month, according to the latest food price watch by the National Bureau of Statistics.
The Nigerian Bureau Of Statistics Food Price Watch reported significant spikes in the prices of staple foods such as Garri, Rice, Beans, Beef, and Bread, with increases ranging from 10% to as high as 25% 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, marking a 134.81% increase compared to February 2023.
Beans:
The average price of 1kg of brown beans (sold loose) rose by 20.62% from N976.58 in January to N1,177.9 in February, reflecting a year-on-year increase of 97.53%.
Beef:
The average cost of 1kg of boneless beef increased by 10.22% from N3,315.78 in January to N3,654.56 in February, with a 49.41% increase compared to February 2023.
Garri:
The average price of loose white Garri per kilogram surged by 20.44% from N345.88 in January to N723.45 in February, representing a 109.16% year-on-year increase.
Yam:
The average price of Yam tuber per kilogram rose by 11.93% from N901.94 in January to N1009.56 in February, marking a 131.33% increase compared to February 2023.
Egg:
The average price of one medium-sized agricultural egg increased by 19.65% from N116.41 in January to N139.28 in February, with a 58.21% increase compared to February 2023.
Bread:
The average price of a 500g sliced bread rose by 15.91% from N904.02 in January to N1,047.86 in February, showing an 89.48% increase compared to February 2023.
The significant surge in staple food prices nationwide mirrors the persistently high levels of inflation. In February 2024, the inflation rate soared to 31.70%, with food inflation at 37.92%. Despite efforts to mitigate hyperinflation, such as the Central Bank of Nigeria’s increase in the interest rate to 22.75%, the impact on inflation remains minimal, highlighting ongoing challenges in stabilizing prices.
