Food Prices Surge Over 200% in July 2024, Says NBS Report

The prices of staple food items in Nigeria have seen dramatic increases, with some rising over 200% year-on-year (YoY) in July 2024, according to the National Bureau of Statistics (NBS).

The NBS’s Food Price Watch Report for July 2024 revealed significant hikes in the costs of beans, tomatoes, yam tubers, and eggs.

The price of 1 kilogram (kg) of brown beans (sold loose) surged by 262.98% YoY, reaching N2,444.81 in July 2024, compared to N673.53 in July 2023. Similarly, the cost of 1kg of tomatoes increased by 203.57% to N1,693.83 from N557.96 within the same period.

The report also highlighted a 234.23% increase in the average price of 1kg of yam tuber, which climbed to N1,802.84 in July 2024 from N539.41 in July 2023. Additionally, the price of 12 medium-sized agric eggs saw a 155.5% rise, costing N2,170.17 in July 2024, up from N1,006.64 in July 2023.

On a month-on-month (MoM) basis, the report noted that the price of beans rose by 6.63% from N2,292.76 in June 2024. The price of a dozen medium-sized agric eggs also increased by 12.11% MoM from N1,935.69 in June 2024. However, there was a notable 26.43% MoM decrease in the price of 1kg of tomatoes, which fell from N2,302.26 in June 2024.

Other significant findings in the report included a 167.98% YoY increase in the price of 1kg of white garri (sold loose), which rose from N429.89 in July 2023 to N1,151.79 in July 2024. The price of 1kg of yam tuber also saw a YoY increase of 234.23%, although it decreased by 10.82% MoM from N2,021.55 in June 2024 to N1,802.84 in July 2024.

The report also provided a state profile analysis, highlighting regional price variations across the country.

Rivers State recorded the highest average price for 1kg of brown beans at N3,070.96, while the lowest price was in Adamawa State at N1,532.23. The highest average price for 1kg of tomatoes was in Osun State at N3,000, with the lowest in Kaduna State at N761.45. Kwara State had the highest price for 1kg of yam tuber at N3,894.08, whereas the lowest was in Adamawa State at N742.95. For white garri, Gombe recorded the highest average price at N1,624.72, while Taraba had the lowest at N892.98.

These price increases reflect the ongoing challenges of inflation and economic pressures on Nigerian households, particularly in accessing basic food items.