By Daniel Edu
In a concerning trend, food prices in Nigeria have witnessed a significant increase of 31% within a span of 12 months, from July 2022 to July 2023, with Ebonyi and Abia states experiencing the highest inflation rates. This data was revealed through an analysis of the ‘Selected Food Price Watch,’ a monthly report issued by the National Bureau of Statistics (NBS).
The selected food items scrutinized in the report encompass essential staples such as rice (1kg), beans (1kg), bread (500g), tomatoes, beef, wheat (2kg), garri (1kg), and palm oil (1 bottle).
Among the key findings, the steepest price increase was observed in yam, which surged by a remarkable 42%, climbing from N389.75 in July 2022 to N539.41 in July 2023. This was closely followed by the price of one kilogram of rice, which escalated from N467.80 to N653.49 over the same 12-month period.
Additionally, the cost of palm oil escalated by 35%, soaring from N890.67 to N1208.62 during the reviewed timeframe. Other staple foods contributing to the surge in food prices included garri (1kg), which saw a 33% increase from N323.17 to N429.89, and 500g of sliced bread, which surged from N486.27 to N651.78, marking a 34% increase.
Further notable price increases were recorded in a kilogram of tomatoes (from N446.81 to N557.96), wheat (2kg) (from N1094.72 to N1419.14), and beef (from N2118.84 to N2758.13).
The analysis also revealed regional disparities, with South-Eastern states, notably Abia and Ebonyi, experiencing the highest food prices during the 12-month period. In contrast, states in the North Central region, such as Kogi, Niger, and Benue, reported the lowest food prices during this period.
The NBS had recently reported in its Consumer Price Index, which measures inflation, that food inflation in August had reached 29.34%, primarily contributing to the increase in the headline inflation rate from 24.08% in July to 25.80% in August. The surge in food inflation was attributed to rising prices in categories such as oil and fat, bread and cereals, fish, fruit, meat, vegetables, potatoes, yam, and other tubers, as well as milk, cheese, and eggs.
