By Milcah Tanimu
Food prices in Nigeria have witnessed a substantial increase of 31% within a 12-month period from July 2022 to July 2023, with Ebonyi and Abia states leading the surge. This data comes from an analysis of the ‘Selected Food Price Watch,’ a monthly report published by the National Bureau of Statistics (NBS). The report covers essential food items such as rice (1kg), beans (1kg), bread (500g), tomatoes, beef, wheat (2kg), garri (1kg), and palm oil (1 bottle).
The report highlights that the steepest food price increase was in yam, which rose by a significant 42%, soaring from N389.75 in July 2022 to N539.41 in 2023. Following closely, the price of one kilogram of rice increased from N467.80 to N653.49 within the same 12-month period.
Palm oil also experienced a notable price hike, increasing by 35%, from N890.67 to N1208.62. Other staple foods contributing to the food price surge included garri (1kg), which went up by 33% from N323.17 to N429.89, and 500g of sliced bread, rising from N486.27 to N651.78 (+34%).
The cost of a kilogram of tomatoes increased from N446.81 to N557.96, wheat (2kg) from N1094.72 to N1419.14, and beef from N2118.84 to N2758.13. These staple food items also experienced significant price spikes.
Further analysis of the report revealed that South-Eastern states, with Abia and Ebonyi at the forefront, recorded the highest food prices during the twelve-month period. Conversely, states within the North Central region (Kogi, Niger, Benue) reported the lowest food prices during the same period.
In its latest Consumer Price Index (CPI) report, which measures inflation, the NBS attributed the rise in headline inflation from 24.08% in July to 25.80% in August primarily to the food inflation rate, which reached 29.34% in August. This increase was driven by higher prices of oil and fat, bread and cereals, fish, fruit, meat, vegetables and potatoes, yam and other tubers, vegetable, milk, cheese, and eggs.
