Nigeria: NBS confirms soaring food inflation as prices of essentials continue to rise

In a recent report released by the National Bureau of Statistics (NBS), it has been confirmed that the prices of essential food items in Nigeria are on an alarming upward trend. The publication highlights the persistent increase in food inflation, posing significant challenges for households across the nation.

According to the NBS findings, the average price of 1kg of brown beans (sold loose) reached an astonishing N2,292.76 in June 2024. This represents a staggering 252.13% surge compared to the previous year’s price of N651.12. Additionally, there was a month-on-month increase of 14.11% from May 2024’s price of N2,009.23.

Tomatoes also witnessed a substantial price surge, with a year-on-year increase of 320.67%. In June 2023, 1kg of tomatoes was priced at N547.28, but by June 2024, the price had soared to N2,302.26. On a month-on-month basis, the average price rose by 55.59% compared to May 2024’s price of N1,479.69.

The average price of 1kg of garri white sold loose experienced a significant year-on-year increase of 181.66%, rising from N403.15 in June 2023 to N1,135.51 in June 2024. There was also a 1.86% month-on-month increase in price.

Yam prices also saw a notable surge. The average price of 1kg of yam tuber increased by 295.79% from N510.77 in June 2023 to N2,021.55 in May 2024. On a month-on-month basis, there was a 52.87% increase, rising from N1,322.36 in May 2024 to N2,021.55 in June 2024.

The report revealed that Abuja recorded the highest average price for 1kg of tomatoes at N3,992.61, while Kebbi State had the lowest price at N1,200.00. In terms of yam tubers, Lagos State had the highest average price at N3,376.54, with Adamawa reporting the lowest price at N1,100.00. Gombe had the highest average price for 1kg of garri white sold loose at N1,619.27, whereas Taraba had the lowest price at N900.00.

The continuous surge in food prices has raised concerns among the population, with food inflation skyrocketing to 40.87% in June 2024. Despite the Nigerian government’s efforts to implement measures to address this crisis, the prices of essential food items have remained unyielding, leading to significant financial burdens for households nationwide.