In a concerning economic development, food prices in Nigeria have surged by a staggering 31% over a 12-month period, from July 2022 to July 2023, with Ebonyi and Abia states experiencing the highest increase. This disconcerting information was revealed through an analysis of the ‘Selected Food Price Watch,’ a monthly report published by the National Bureau of Statistics (NBS).
The report examines the prices of essential food items, including staples like rice (1kg), beans (1kg), bread (500g), tomatoes, beef, wheat (2kg), garri (1kg), and palm oil (1 bottle).
The most dramatic increase was observed in the price of yam, which skyrocketed by an alarming 42%, rising from N389.75 in July 2022 to N539.41 in July 2023. This was closely followed by a 39% increase in the price of one kilogram of rice, surging from N467.80 to N653.49 over the same 12-month period.
Palm oil prices surged by 35%, climbing from N890.67 to N1208.62 during the review period. Other staple foods that contributed to the food price spike include garri (1kg) with a 33% increase from N323.17 to N429.89 and 500g of sliced bread with a 34% increase from N486.27 to N651.78.
Additional notable price increases were seen 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).
Further analysis of the report indicated that South-Eastern states, led by Abia and Ebonyi, recorded the highest food prices during the twelve-month period, while states within the North Central region (Kogi, Niger, Benue) experienced the lowest food prices.
This surge in food prices is a concerning factor contributing to inflation in the country. The NBS noted that food inflation reached 29.34% in August, a primary driver of the increase in the headline inflation rate from 24.08% in July to 25.80% in August. The rise in food inflation was attributed to increases in the prices of various food items, including oil and fats, bread and cereals, fish, fruits, meat, vegetables, potatoes, yam, and other tubers, as well as dairy products like milk, cheese, and eggs.
This development underscores the need for measures to address food price inflation and ensure food security for Nigerians.
