ABUJA, NIGERIA – The National Bureau of Statistics (NBS) yesterday reported a significant surge in the prices of basic food items in April 2024, with a 140.4% year-on-year (YoY) increase in the average price of five essential food items. This alarming rise highlights the ongoing inflationary pressures impacting Nigerian households.
The five key food items included in the report are local rice, garri white, tomatoes, beans brown, and yam. These staples have seen unprecedented price hikes over the past year.
According to the NBS Selected Food Price Watch for April 2024, the data reveals the following price trends:
– Local Rice: The average price of 1kg of locally sold loose rice reached N1,399.34, marking a 155.93% increase from N546.76 in April 2023. Additionally, there was a 3.47% month-on-month (MoM) rise from N1,340.74 in March 2024.
– Garri White: The average price of 1kg of garri white, sold loose, rose by 134.98% YoY from N362.50 in April 2023 to N851.81 in April 2024. On a MoM basis, the price increased by 13.59% from N749.89 in March 2024.
– Tomatoes: The price of 1kg of tomatoes climbed by 131.58% YoY, from N485.10 in April 2023 to N1,123.41 in April 2024. This item also saw a significant 17.06% MoM increase from N959.68 in March 2024.
– Beans Brown: The average price of 1kg of brown beans, sold loose, surged by 125.43% YoY, from N615.67 in April 2023 to N1,387.90 in April 2024. There was also a 12.44% MoM rise from N1,234.72 in March 2024.
– Yam Tuber: The price of 1kg of yam tuber increased by 154.19% YoY, from N444.69 in April 2023 to N1,130.37 in April 2024. On a MoM basis, it saw a 5.76% rise from N1,068.78 in March 2024.
The NBS report shows the severe inflationary pressures facing Nigerian consumers, exacerbating the cost of living and affecting food security across the country. This dramatic rise in food prices poses significant challenges for households, especially those with lower incomes, and calls for urgent policy interventions to stabilize the market and ensure affordable access to essential food items.