NBS Data Shows Prices Of Beans, Rice, Yam, Eggs, and Garri Still Moving Up Despite July Inflation Drop

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

In its latest ‘Selected Food Prices Watch’ report, the NBS found that despite a general decline in inflation, some major foodstuffs experienced steep price increases.

This noticed a magnitude in the average price of 1kg of brown beans, sold at N2,444.81 in July 2024, indicating 262.98 per cent year-on-year growth from N673.53 compared to July 2023. Meanwhile, month-on-month, prices gained 6.63 per cent from N2,292.76 in June 2024.

It also pegged the price of a dozen medium-sized agric eggs at N2,170.17 for July 2024 from N1,006.64 for July 2023 and N1,935.69 for June 2024, month-on-month, with 12.11 per cent.

It also showed that the price of 1kg of tomatoes recorded a year-on-year increase of 203.57 per cent, from N557.96 in July 2023 to N1,693.83 in July 2024. On a month-on-month basis, it had fallen by 26.43 per cent from N2,302.26 in June 2024.

Another related food item, garri, also recorded a sharp increase in selling price. The commodity witnessed a 167.98 per cent year-on-year increase, as one kilogram of white garri sold for N1,151.79 in July from N429.89 in July 2023. On a month-on-month basis, it increased slightly.

Also, yam prices jumped and are increasing as the average price of 1kg of yam tuber increased year-on-year by 234.23 per cent from N539.41 in July 2023 to N1,802.84 in July 2024. However, yam prices fell by 10.82 per cent monthly, down from N2,021.55 in June 2024.

Over time, food inflation has been one of Nigerians’ struggles. The increasing food prices, which lead to an increase in the cost of living, have left many Nigerians complaining about the government’s policies and the state of the nation.

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