In the span of a year, Nigeria has suffered an unprecedented rate of food inflation, particularly for its most consumed items. Food products like beans and rice have been a source of concern for average consumers as they battle to keep up with rising costs.
According to africa.businessinsider.com, The Selected Food Price Watch report, by the National Bureau of Statistics showed that some staple foods in Nigeria in the space of a year have increased by over 100%
Beans is one such food, which according to the report, now sells for N2,574.63 per kg, compared to last year in August, when the item went for N692.95 per Kg.
This rise denotes a 271.55% increase on a year-on-year basis and a 5.31% rise in price on a month-on-month basis, from N2,444.81 in July 2024.
Other food items with significantly inflated prices, includes, bread, egg, rice and more.
READ: News: Food Inflation Hits 25.25% in Nigeria as Jollof Rice Prices Soar by 34.2% Within a Year
The report also disclosed that Agric eggs medium size (12 pieces) increased in price by N121.92% year on year, rising from N1,031.55 in August 2023 to N2,289.19 in August 2024.
On a month-to-month basis, the average price of this item increased by 5.48% from N2,170.17 in July 2024.
Bread prices (sliced) increased by 113.16% year on year, from N684.85 in August 2023 to N1,459.85 in August 2024. On a month-to-month basis, it rose by 2.28% from N 1,427.25 in July 2024.
As for rice, Nigeria’s premier grain, the average price of 1kg of loose local rice in August 2024, increased by 148.41% to N1,831.05, from N737.11 in August a year prior.
The item also experienced a monthly increase of 3.65%.
Furthermore, the average price of 1kg of Yam tuber climbed by 188.31% year on year, from N576.39 in August 2023 to N1,661.80 a year later.
However, on a monthly basis, it declined by -7.82% from N1,802.84 in July 2024.
Similarly, on a month-to-month basis, the price of tomatoes eased, going from N1,693.83 in July 2024 to N1,506.35 in August, an 11.07% decrease.
