Harsh Economy: Kogi Tops List as Prices Of Beans, Tomato, Garri Rise By Over 30%

Breaking News: Surge in Staple Food Prices Hits Nigerian Households Hard

Abuja, Nigeria – June 24, 2024: The National Bureau of Statistics (NBS) has reported a significant rise in the prices of major staple food items such as tomatoes, beans, garri, and potatoes, with increases of over 30% in May 2024. This surge is attributed to the ongoing economic challenges affecting the nation.

Key Highlights from NBS Food Price Watch

1. Brown Beans:
   • Year-on-Year Increase: 219.05%
     • Price: N2,009.23 (May 2024) up from N629.75 (May 2023)
   • Month-on-Month Increase: 44.77%
     • Price: N2,009.23 (May 2024) up from N1,387.90 (April 2024)
2. Tomatoes:
   • Year-on-Year Increase: 196.92%
     • Price: N1,479.69 (May 2024) up from N498.34 (May 2023)
   • Month-on-Month Increase: 31.71%
     • Price: N1,479.69 (May 2024) up from N1,123.41 (April 2024)
3. White Garri:
   • Year-on-Year Increase: 200.12%
     • Price: N1,114.72 (May 2024) up from N371.42 (May 2023)
   • Month-on-Month Increase: 30.87%
4. Yam Tuber:
   • Year-on-Year Increase: 189.20%
     • Price: N1,322.36 (May 2024) up from N457.25 (May 2023)
   • Month-on-Month Increase: 16.98%
5. Locally Sold Loose Rice:
   • Year-on-Year Increase: 189.79%
     • Price: N1,608.89 (May 2024) up from N555.18 (May 2023)
   • Month-on-Month Increase: 14.98%

State-by-State Analysis

• Highest Prices:
  • Locally Sold Loose Rice: Kogi State – N2,528.84
  • Brown Beans: Plateau State – N2,855
  • Tomatoes: Rivers State – N2,100.12
  • White Garri: Gombe State – N1,613.29
• Lowest Prices:
  • Locally Sold Loose Rice: Benue State – N1,013.59
  • Brown Beans: Kebbi State – N1,171.21
  • Tomatoes: Katsina State – N775.02
  • White Garri: Kwara State – N825.70

Zonal Analysis

• Northeast:
  • Highest Price for Locally Sold Loose Rice: N1,821.77
  • Lowest Price for Tomatoes: N1,050.84
• Southwest:
  • Highest Price for White Garri: N1,294.51
• Northwest:
  • Lowest Price for Brown Beans: N1,379.97

Economic Implications

The continuous rise in food prices exacerbates the economic hardship for millions of Nigerians, who spend a significant portion of their income on food. This spike comes amid the effects of subsidy removal, exchange rate unification, and higher interest rates, coupled with a growing fiscal deficit.

Recent Trends and Projections

The sharp increase in food prices in May indicates a renewed surge following the moderate rises observed in March and April. This trend contradicts earlier projections that anticipated a flattening of the food inflation curve by mid-2024.

During the recent Muslim Eid celebration, food prices reached a 30-year high, marking it as the most expensive Eid for Muslims in almost three decades, according to a report by Nairametrics.

As the economic situation remains challenging, Nigerian households continue to bear the brunt of these rising costs, highlighting the urgent need for effective policy measures to address inflation and improve food security.