The prices of major staple foods in Nigeria such as beans, yam, potato, plantain and tomato have risen by over 250% in the last one year.

This is according to the latest Food Price Watch from the National Bureau of Statistics (NBS) which states that the price of beans soared by 252% between June 2023 and June 2024.

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The report indicates that the average price of 1kg of brown beans (sold loose) stood at N2,292.76, representing a 252.13% increase year-on-year from N651.12 in June 2023 and a 14.11% increase month-on-month from N2,009.23 in May 2024.

Tomatoes (1kg) also saw significant price increases, rising by 320.67% year-on-year from N547.28 in June 2023 to N2,302.26 in June 2024. On a month-on-month basis, the average price of tomatoes increased by 55.59% from N1,479.69 in May 2024.

Additionally, the price of Irish potatoes rose by 288.50% year-on-year from N623.75 in June 2023 to N2,423.27 in June 2024, and by 51.92% month-on-month from N1,595.07 in May 2024.

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Furthermore, the average price of 1kg of yam tuber increased by 295.79% year-on-year, from N510.77 in June 2023 to N2,021.55 in June 2024.

On a month-on-month basis, the price rose by 52.87%, from N1,322.36 in May 2024 to N2,021.55 in June 2024.

Staple food prices with over 100% year-on-year increase

Other staple foods also experienced significant price increases over the past year. For instance, the average price of 1kg of loose white garri rose by 181.66% year-on-year, from N403.15 in June 2023 to N1,135.51 in June 2024. Additionally, there was a 1.86% increase on a month-on-month basis.

Also, the average price of local rice sold loose rose by 179.97% from N608.20 in June 2023 to N1,702.24 in June 2024. Nigerians on average paid double the price for wheat from June 2023 to June 2024 as the price rose from N1,380.45 per Kg to N3,157.75 indicating an increase of 128.75% during the 12-month period.

Food price increase across zones
Among food items with over a 250% year-on-year increase, the South-West recorded the highest prices. For example, the analysis by zone showed that the average price of brown beans (sold loose) was highest in the North-Central at N2,923.45, followed by the South-South at N2,630.03, while the North-West recorded the lowest average price at N1,647.03.

The average price of 1kg of tomatoes was highest in the South-West and the South-East at N3,261.84 and N2,852.59, respectively, with the lowest recorded in the North-West at N1,411.16. The South-West recorded the highest average price of 1kg of yam tuber at N2,745.80, followed by the North-Central at N2,440.35, while the lowest was recorded in the North-West at N1,238.49.

Additionally, the South-West and the North-East recorded the highest average price of 1kg of loose white garri at N1,199.62 and N1,155.63, respectively, while the lowest was recorded in the North-Central at N1,055.87.

Last updated on November 15th, 2024 at 10:47 am