Significant Surge in Food Prices Across Nigeria – NBS Report

The latest food price watch from the National Bureau of Statistics (NBS) has shown a stark increase in major staple food prices across Nigeria, with double-digit rises observed month-on-month.

According to the NBS Food Price Watch, staple foods such as Garri, Rice, Beans, Beef, and bread experienced price hikes ranging from 10% to as high as 25% between January and February 2024.

Rice prices saw an average increase of 19.69% for 1kg of loose local rice, rising from N1,021.79 in January to N1,222.97 in February. 

This marks a significant annual rise of 134.81%.

Similarly, the average price of 1kg of brown beans (sold loose) surged by 20.62% within the same period, from N976.58 to N1,177.9. 

On an annual basis, this reflects an increase from N594.15 in February 2023 to the current price.

The cost of 1kg boneless beef rose by 10.22% monthly, from N3,315.78 in January to N3,654.56 in February 2024. Year-on-year, beef prices increased by 49.41%.

Garri prices witnessed a staggering 109.16% increase year-on-year, with the average price of loose Garri white per kilogram jumping from N345.88 in February 2023 to N723.45 in February 2024, accompanied by a monthly increase of 20.44%.

Yam prices also surged, with the average price per kilogram increasing by 131.33% year-on-year, from N436.41 in February 2023 to N1009.56 in February 2024, representing an 11.93% monthly increase.

Egg prices saw a significant rise of 58.21% year-on-year, with the average price of one medium-sized agricultural egg climbing from N88.03 in February 2023 to N139.28 in February 2024, experiencing a monthly increase of 19.65%.

Additionally, the average price of a 500g sliced bread rose by 15.91% between January and February, from N904.02 to N1,047.86. Yearly, bread prices increased by 89.48%.

These increases in staple food prices reflect persistently high levels of inflation, with the inflation rate reaching 31.70% in February 2024, accompanied by a food inflation rate of 37.92%. 

Despite efforts such as the Central Bank of Nigeria’s (CBN) interest rate hike to 22.75%, the impact on inflation remains minimal, leaving many Nigerians grappling with soaring living costs.