Prices of major staple foods across Nigeria have surged significantly, marking a distressing impact on consumers nationwide. The latest data from the National Bureau of Statistics (NBS) Food Price Watch for February 2024 reveals a stark reality of double-digit increases in essential food items, exacerbating the already high inflation rates gripping the country.
According to the NBS, staple foods like garri, rice, beans, beef, bread, and yam have experienced substantial price hike, with some commodities witnessing staggering year-on-year increases. For instance, the average price of loose local rice surged by 19.69% within the month, reaching N1,222.97 per kilogram in February, representing a staggering 134.81% increase from the previous year.
Similarly, the cost of brown beans rose by 20.62% within the same period, while boneless beef saw a monthly increase of 10.22%, pushing the average price to N3,654.56 per kilogram in February. The price of garri, a staple in many Nigerian households, skyrocketed by 109.16% year-on-year, reflecting the economic strain on basic food items.
“Selected Food Price Watch for February 2024 shows that the average price of 1kg rice local sold loose stood at N1,222.97. This indicates a rise of 134.81% in price on a year-on-year basis from N520.84 recorded in February 2023 and a 19.69% rise in price on a month-on-month basis from N1,021.79 in January 2024. The average price of 1kg of beef boneless increased by 49.41% on a year-on-year basis from N2,445.96 in February of last year (2023) to N3,654.56 in February 2024. On a month-on-month basis, the average price of this item increased by 10.22% from N3,315.78 in January 2024.
“The average price of 1kg of beans brown (sold loose) rose by 98.25% on a year-on-year basis from N594.15 in February 2023 to N1,177.93 in February 2024. On a month-on-month basis, it increased by 20.62% from N976.58 in January 2024. Similarly, the average price of 1kg of Garri white, sold loose rose by 109.16% on a year-on-year basis from N345.88 in February 2023 to N723.45 in February 2024, while there was an increase of 20.44% on a month-on-month basis. In addition, the average price of 1kg of Yam tuber rose by 131.33% on a year-on-year basis from N436.41 in February 2023 to N1009.56 in February 2024. On a month-on-month basis, it increased by 11.93% from N901.94 in January 2024 to N1009.56 in February 2024,” as reported by NBS.
Despite efforts by the Central Bank of Nigeria (CBN) to mitigate inflation through interest rate adjustments, the impact on curbing rising prices remains minimal.
The disparities in food prices across different regions within Nigeria highlight the complex factors contributing to the inflationary pressures. Urban areas experience higher prices due to increased demand, transportation costs, and market dynamics, while rural areas face challenges with access to markets and distribution networks, affecting both availability and affordability of essential food items.
Moreover, factors such as climate change-induced disruptions to agriculture, supply chain inefficiencies, currency fluctuations, and socio-economic disparities can further exacerbate price variations. For instance, regions heavily reliant on imported goods may be more vulnerable to international market fluctuations and currency devaluation, leading to even higher prices for certain commodities.
Additionally, exploring alternative agricultural practices, promoting local food production, investing in infrastructure development, and fostering economic diversification can contribute to stabilizing food prices and enhancing food security across the nation.
Overall, a multifaceted approach involving collaboration between government, private sector, civil society, and international partners is essential to address the root causes of food price volatility and ensure food affordability and accessibility for all Nigerians.
