The prices of staple foods in Nigeria, including beans, tomatoes, and yams, soared by over 200% year-on-year in July 2024, according to the latest data from the National Bureau of Statistics (NBS).
Thank you for reading this post, don't forget to subscribe!1.Beans: The price of 1 kilogram of brown beans (sold loose) skyrocketed by 262.98%, rising from N673.53 in July 2023 to N2,444.81 in July 2024. On a month-on-month basis, the price increased by 6.63% from N2,292.76 in June 2024.
2. Tomatoes: There was a 203.57% year-on-year increase in the price of 1 kilogram of tomatoes, which jumped from N557.96 in July 2023 to N1,693.83 in July 2024. However, the price decreased by 26.43% from N2,302.26 in June 2024.
3. Yam: The average price of 1 kilogram of yam tuber surged by 234.23%, increasing from N539.41 in July 2023 to N1,802.84 in July 2024. The price dropped by 10.82% from N2,021.55 in June 2024.
4. Eggs: The cost of 12 medium-sized agric eggs rose by 115.5% year-on-year, reaching N2,170.17 in July 2024, up from N1,006.64 in July 2023. On a month-on-month basis, this represents a 12.11% increase from N1,935.69 in June 2024.
5. Garri: The price of 1 kilogram of white garri sold loose increased by 167.98% year-on-year, from N429.89 in July 2023 to N1,151.79 in July 2024. The price saw a modest 1.43% month-on-month increase from June 2024.
Regional Price Variations:
• Rivers State reported the highest average price for 1 kilogram of brown beans at N3,070.96, while Adamawa had the lowest at N1,532.23.
• The highest price for 1 kilogram of tomatoes was recorded in Osun State at N3,000, compared to the lowest in Kaduna State at N761.45.
• Kwara State saw the highest price for 1 kilogram of yam tuber at N3,894.08, whereas Adamawa recorded the lowest at N742.95.
• Gombe State had the highest price for 1 kilogram of white garri at N1,624.72, with the lowest reported in Taraba State at N892.98.
These price hikes highlight the ongoing inflationary pressures in Nigeria’s food sector, posing significant challenges to households across the country.
