Nigerians groan as price of cooking gas, rice, other staple foods surge in October

The price of major food items has significantly increased across several markets in Lagos State, as Nigeria grapples with the high cost of goods and services.

The cost of filling a 12.5kg cylinder of gas increased by 44% in October 2023, selling for an average of N13,750.

Also, the price of a 50kg bag of foreign rice increased by 13.5% in the same month to sell for an average of N47,850 compared to N42,000 recorded in the previous month.

This is according to the recent food market survey conducted by Nairalytics, the research division of ThePressNG.

Nigerians have continued to grapple with galloping food prices over the years, which has only worsened following the announcement by the federal government to discontinue petrol subsidy payments and devalue the official exchange rate.

A recent report by the National Bureau of Statistics (NBS) revealed an 18-year high headline inflation of 26.72% in the month of September, driven by the upswing in the food and core components of the inflation basket.

Specifically, food inflation (30.64%) rose to its highest level since August 2005 while core inflation (21.84%) surged to an almost 17-year high.

The hike in the cost of petrol has triggered a significant increase in the cost of transportation across the country, further impacting the selling prices of food items especially in the southern part of the country.

The surge in the cost of food items has further eroded the purchasing power of average Nigerians, considering the importance of food in the scale of household expenses. Recall that Nigerians spend an average of 56% of their household expenditure on food items.

However, with skyrocketing costs of food, transportation, and other services, Nigerians have expressed their grievances in ThePressNG latest food market survey.

ThePressNG food price watch is a monthly household market survey that covers the prices of major food items in Nigeria, with emphasis on four major markets in Lagos – Mushin market, Daleko market, Oyingbo market, and Mile 12 market.