In the past year, the cost of important staple foods such as beans, yams, potatoes, plantains, and tomatoes has increased by more than 250% in Nigeria.
This is supported by the National Bureau of Statistics (NBS) most recent Food Price Watch, which shows that between June 2023 and June 2024, the price of beans increased by 252%.
According to the research, the average cost of one kilogramme of loose brown beans was N2,292.76, which is a 252.13% increase in comparison to June 2023’s N651.12 and a 14.11% increase in comparison to May 2024’s N2,009.23.Â
The price of one kilogramme of tomatoes increased significantly as well, from N547.28 in June 2023 to N2,302.26 in June 2024—a 320.67% annual rise. The average cost of tomatoes rose by 55.59% month over month from N1,479.69 in May 2024.
In addition, the cost of Irish potatoes increased by 51.92% on a monthly basis from N1,595.07 in May 2024 to N2,423.27 in June 2024, a 288.50% annual increase from N623.75 in June 2023.
In addition, the average cost of one kilogramme of yam tuber rose from N510.77 in June 2023 to N2,021.55 in June 2024, a year-over-year rise of 295.79%.
The price increased by 52.87% month over month, from N1,322.36 in May 2024 to N2,021.55 in June 2024.
Staple food costs are up more than 100% year on year
Over the previous year, there have been notable price rises for other staple goods as well. As an example, the average cost of one kilogramme of loose white garri increased by 181.66% from June 2023 to June 2024, from N403.15 to N1,135.51. In addition, there was a month-over-month gain of 1.86%.
In June 2024, the average price of loose local rice increased by 179.97% from N608.20 to N1,702.24. Between June 2023 and June 2024, the price of wheat increased by 128.75%, or N1,380.45 per kg, to N3,157.75, meaning that Nigerians spent twice as much on average.
Prices of food are rising in different zones
The food items in the South-West had the biggest price increases, rising by more than 250% year over year. For instance, the zone-by-zone study revealed that the North-Central region had the highest average price for loose brown beans, at N2,923.45, followed by the South-South region at N2,630.03, while the North-West region had the lowest average price, at N1,647.03.
The South-West and South-East had the highest average prices per kilogramme of tomatoes, at N3,261.84 and N2,852.59, respectively, while the North-West had the lowest, at N1,411.16. At N2,745.80, the South-West had the highest average price per kilogramme of yam tuber, followed by the North-Central at N2,440.35, and the North-West at N1,238.49, the lowest.
Furthermore, the average cost of one kilogramme of loose white garri was N1,199.62 in the South-West and N1,155.63 in the North-East, with the North-Central region recording the lowest price, N1,055.87.
