Rivers, Osun State Lead as Food Prices Soar 2,170% YoY

Arthur Eriye

The latest report from the National Bureau of Statistics (NBS) has revealed significant increase in the cost of staple foods in Nigeria in the month of July 2024.

 The “Selected Food Price Watch Report” for July 2024 showed that the prices of basic commodities such as beans, eggs, and yam have increased dramatically year-on-year reaching as high as 2,170 per cent.

The average price of 1kg of brown beans, a staple in many Nigerian households, stood at N2, 444.81 in July 2024. This represents a staggering 262.98 per cent increase from N673.53 in July 2023. The price of beans also saw a 6.63 per cent rise from N2, 292.76 in June 2024, indicating that the inflationary pressures are not abating.

In the same vein, the cost of agric eggs (medium size, 12 pieces) has soared to N2, 170.17, representing a 2,170.17% year-on-year increase from N1, 006.64 in July 2023. On a month-on-month basis, the price of eggs rose by 12.11% from N1, 935.69 in June 2024. This sharp rise in egg prices is particularly concerning for households that rely on eggs as a source of affordable protein.

Tomatoes, another essential ingredient in Nigerian cuisine, have also seen a significant price hike. The average cost of 1kg of tomatoes increased by 203.57% from N557.96 in July 2023 to N1, 693.83 in July 2024. However, there was a notable month-on-month decrease of 26.43 per cent from N2, 302.26 in June 2024, offering some respite to consumers.

The report also highlights a dramatic rise in the price of yam tubers, with the average cost of 1kg reaching N1,802.84 in July 2024. This represents a 234.23 per cent increase from N539.41 in July 2023. Despite a month-on-month decrease of 10.82 per cent from N2, 021.55 in June 2024, yam prices remain significantly elevated compared to the previous year.

The report also revealed some disparities in some States. Rivers State recorded the highest price for 1kg of brown beans at N3, 070.96, while Adamawa State had the lowest at N1, 532.23. For tomatoes, Osun State reported the highest price at N3, 000, whereas Kaduna State recorded the lowest at N761.45. The cost of yam tubers was highest in Kwara State at N3, 894.08 and lowest in Adamawa State at N742.95. Meanwhile, Gombe topped the list for the highest price of garri (white, sold loose) at N1, 624.72, with the lowest price observed in Taraba State at N892.98.

Zonal analysis revealed that the South-South zone had the highest average price for brown beans at N3,032.86, while the North-West zone recorded the lowest at N1,732.71. The South-West zone had the highest price for tomatoes at N2, 366.67, and the North-West zone again had the lowest at N899.27. For yam tubers, the South-West zone reported the highest prices at N2, 357.02, while the North-East zone had the lowest at N1,018.60.

In a bid to ensure accuracy in data collection for this report, the NBS said it made use of a random sampling methodology by getting responses from over 700 staff across all states and the Federal Capital Territory (FCT), drawing from 10,000 respondents and locations. The prices were averaged for each state, and random verification of recorded prices was conducted to ensure accuracy.

As Nigerians continue to grapple with the high cost of food items, with no immediate end in sight to these inflationary trends, the government and stakeholders may need to take urgent steps to address the underlying causes and provide relief to the most vulnerable populations, pose a significant challenge for low-income families and could exacerbate the problem of food insecurity currently being faced in the country.