By Milcah Tanimu
Data from the National Bureau of Statistics (NBS) revealed a sharp increase in the prices of beans, tomatoes, and Irish potatoes in June, leading to a significant surge in food prices.
The NBS report showed that beans, a vital protein source in Nigeria, saw a 252.13% year-on-year price increase, reaching N2,293 in June 2024 from N651.12 in June 2023. On a month-on-month basis, the price rose by 14.11% from N2,009 in May.
A BusinessDay market survey highlighted a 53.8% rise in the price of beans in Lagos, escalating from N6,500 in February to N10,000 in July.
Tomato prices surged by 320.67%, increasing from N547.28 in June 2023 to N2,302 in June 2024. Month-on-month, the price jumped by 55.59% from N1,480 in May 2024. Experts attribute this rise to factors such as the tuta absoluta pest, high transportation costs, climate change, and tariffs imposed by middlemen. The price of a basket of tomatoes in Lagos escalated from N40,000 in April to N120,000 between May and June, prompting many Nigerians to turn to alternatives like cucumbers and carrots.
The NBS data also showed a 288.50% year-on-year increase in the price of Irish potatoes, from N623.75 in June 2023 to N2,423 in June 2024. On a month-on-month basis, the price climbed by 51.92% from N1,595 in May 2024.
Other notable increases included the price of white garri, which rose by 181.66% year-on-year, from N403 in June 2023 to N1,135 in June 2024, and a 1.86% month-on-month rise. Yams also saw a significant increase, with prices up by 295.79% year-on-year, from N511.77 in June 2023 to N2,021 in June 2024, and a 52.87% month-on-month increase from N1,322 in May 2024 to N2,022 in June 2024.
On a state level, Kogi recorded the highest average price for 1kg of brown beans at N3,006, while Adamawa had the lowest at N1,336. Abuja saw the highest average price for 1kg of tomatoes at N3,992, with Kebbi recording the lowest at N1,200. For yams, Lagos had the highest average price for 1kg at N3,376, while Adamawa had the lowest at N1,100.
