Food Prices Soar By Over 200 Per Cent In 1 Year, NBS Reports

Joy ChukwuJuly 25, 20241 Mins read174

According to data from the National Bureau of Statistics showed that key food items such as beans, rice, yam, eggs, and garri continued to increase in prices despite a general decline in inflation for July 2024.

The prices of essential food items like tomatoes, beans, and garri skyrocketed by over 200 per cent in June 2024 compared to their costs in June 2023, according to the latest report by the National Bureau of Statistics (NBS).

In its Selected Food Price Watch for June 2024, released yesterday, the NBS detailed significant year-on-year price increases.

The price of tomatoes (1kg) surged by 320.67 per cent, rising from N547.28 in June 2023 to N2,302.26 in June 2024.

Similarly, the cost of 1kg of brown beans (sold loose) jumped by 252.13 per cent, increasing from N651.12 in June 2023 to N2,292.76 in June 2024.

The report also highlighted a rise in the price of 1kg of Irish potatoes, which grew by 288.5 per cent, from N623.75 in June 2023 to N2,423.27 in June 2024.

In addition to year-on-year increases, the NBS reported month-on-month price hikes from May 2024 to June 2024.

Month-on-month Price Hikes

The average price of 1kg of tomatoes rose by 55.59 per cent from N1,479.69 in May 2024. The cost of 1kg of brown beans increased by 14.11 per cent, from N2,009.23 in May 2024, while Irish potatoes saw a 51.92 per cent rise from N1,595.07 in May 2024.

The cost of white garri (1kg, sold loose) escalated by 181.66 per cent, from N403.15 in June 2023 to N1,135.51 in June 2024, with a 1.86 per cent increase from N1,114.16 in May 2024.

The price of a 1kg yam tuber surged by 295.79 per cent, from N510.77 in June 2023 to N2,021.55 in June 2024, marking a 52.87 per cent rise from N1,322.36 in May 2024.

Regional Price Variations

Regional price variations were also noted in the report. The highest average price for 1kg of brown beans was recorded in Kogi state at N3,006.43, while the lowest was in Adamawa state at N1,336.11.

Abuja saw the highest average price for 1kg of tomatoes at N3,992.61, with Kebbi state having the lowest at N1,200.00.

For 1kg of yam tuber, Lagos state recorded the highest price at N3,376.54, whereas Adamawa state had the lowest at N1,100.00.

The highest price for 1kg of white garri was found in Gombe state at N1,619.27 and the lowest in Taraba state at N900.

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