Abuja, Nigeria – The National Bureau of Statistics (NBS) has reported a significant rise in food prices, coinciding with an increase in the country’s headline inflation rate. According to the Bureau, headline inflation for June 2024 rose to 34.19%, up from 33.95% in May 2024.
The NBS’s “Selected Food Prices Watch” report for June 2024, released in Abuja on Tuesday, highlights substantial year-on-year price increases for several staple foods. The average price of 1kg of brown beans soared by 252.13%, from ₦651.12 in June 2023 to ₦2,292.76 in June 2024. On a month-on-month basis, the price of brown beans increased by 14.11%, from ₦2,009.23 in May 2024.
Similarly, the price of 1kg of tomatoes saw an astronomical year-on-year increase of 320.67%, from ₦547.28 in June 2023 to ₦2,302.26 in June 2024. The month-on-month increase for tomatoes was 55.97%, rising from ₦1,479.69 in May 2024.
Irish potatoes also experienced a steep price hike, increasing by 288.50% year-on-year from ₦623.75 in June 2023 to ₦2,423.27 in June 2024. The price of 1kg of white garri rose by 181.66% from ₦403.15 in June 2023 to ₦1,135.51 in June 2024, with a 1.86% month-on-month increase from ₦1,114.72 in May 2024.
The price of yam tubers increased by 295.79% year-on-year, from ₦510.77 in June 2023 to ₦2,021.55 in June 2024.
State and Regional Price Variations
The report also provides a state-by-state and regional analysis of food prices:
Brown Beans: The highest average price was recorded in Kogi at ₦3,006.43, while the lowest was in Adamawa at ₦1,336.11.
Tomatoes: Abuja had the highest average price at ₦3,992.61, while Kebbi recorded the lowest at ₦1,200.
Yam Tubers: Lagos had the highest average price at ₦3,376.54, with Adamawa recording the lowest at ₦1,100.
White Garri: Gombe had the highest average price at ₦1,619.27, while Taraba recorded the lowest at ₦900.
Regionally, the North-Central zone recorded the highest average price for brown beans at ₦2,923.45, while the South-South followed at ₦2,630.03. The South-West and South-East recorded the highest prices for tomatoes at ₦3,261.84 and ₦2,852.59, respectively, with the North-West having the lowest at ₦1,411.16. The South-West also recorded the highest average price for yam tubers at ₦2,745.80, followed by the North-Central at ₦2,440.35, and the lowest price in the North-West at ₦1,238.49. White garri prices were highest in the South-West and North-East at ₦1,199.62 and ₦1,155.63, respectively.
Government Response
In response to the rising food prices, the Federal Government recently announced a 150-day duty-free import window for essential food commodities. This suspension of duty tariffs and taxes applies to imports of maize, cowpeas, wheat, and husked brown rice through both land and sea borders. Additionally, the government has approved the distribution of certain grains nationwide to address food security concerns.
The NBS survey, conducted online, included 1,241 U.S. adults nationwide, among which 1,018 were registered voters, providing a comprehensive view of the current economic situation and food price trends in Nigeria.
