Food Prices Soar by 31% in Nigeria with Ebonyi and Abia States Leading, Reports NBS – The National Bureau of Statistics (NBS) has reported a substantial 31% increase in food prices from July 2022 to July 2023, with Ebonyi and Abia states witnessing the most significant hikes. The data was disclosed in the NBS’s monthly ‘Selected Food Price Watch’ report, which tracks the prices of crucial food items in the country.
According to the report, the cost of staples such as rice (1kg), beans (1kg), bread (500g), tomatoes, beef, wheat (2kg), garri (1kg), and palm oil (1 bottle) experienced notable increases during the 12-month period. The price of yam saw the highest surge, jumping by a whopping 42% from N389.75 in July 2022 to N539.41 in July 2023.
Rice prices followed closely, with a kilogram of rice escalating from N467.80 to N653.49, marking a significant increase within the span of a year. Additionally, the cost of palm oil experienced a 35% rise, moving from N890.67 to N1208.62 over the same period.
Other staples contributing to the surge in food prices include garri (1kg), which went up by 33% from N323.17 to N429.89, and sliced bread (500g), which increased by 34%, going from N486.27 to N651.78. Prices of a kilogram of tomatoes, 2 kilograms of wheat, and beef also witnessed noticeable spikes, moving from N446.81 to N557.96, N1094.72 to N1419.14, and N2118.84 to N2758.13 respectively.
The NBS report highlighted that the South-Eastern states, particularly Abia and Ebonyi, recorded the highest increases in food prices during the twelve-month period. In contrast, North Central states, including Kogi, Niger, and Benue, experienced the lowest increases in food costs.
The sharp rise in food prices has been identified as a major driver of inflation in the country. The NBS’s latest Consumer Price Index report pointed out that the food inflation rate in August, standing at 29.34%, played a significant role in pushing the headline inflation rate from 24.08% in July to 25.80% in August. This inflationary pressure was attributed to increases in prices of various food items, including oil and fats, bread and cereals, fish, fruits, meats, vegetables, potatoes, yam, and other tubers, as well as milk, cheese, and eggs.
This surge in food prices has raised concerns among consumers and policymakers alike, as it significantly impacts the cost of living for average Nigerians, making it imperative for stakeholders to implement measures addressing this pressing issue.