The price of basic essential foods, such as potatoes, tomatoes, beans, and garri, increased by more than 30% in May, per the National Bureau of Statistics (NBS) food price watch.
Millions of Nigerians, who spend a large percentage of their income on food, are experiencing increased financial hardship as a result of the persistent increase in the cost of products and services. An increasing budget deficit combined with higher interest rates, exchange rate unification, and the withdrawal of subsidies are all influencing the economy.
The NBS report highlighted that the average price of 1kg of brown beans (sold loose) soared by 219.05% year-on-year, climbing from N629.75 in May 2023 to N2,009.23 in May 2024. Month-on-month, the price increased by 44.77%, up from N1,387.90 in April 2024.
Similarly, the average price of 1kg of tomatoes rose by 196.92% year-on-year, from N498.34 in May 2023 to N1,479.69 in May 2024. Month-on-month, the price jumped by 31.71%, rising from N1,123.41 in April 2024.
The average cost of one kilogram of loose white garri increased by 200.12% year over year, from N371.42 in May 2023 to N1,114.72 in May 2024. The price increased by 30.87% month over month. Furthermore, the mean cost of a kilogram of yam tubers rose by 189.20% from May 2023 to May 2024, a year-over-year rise of N457.25. From N1,130.37 in April 2024, the price grew by 16.98% month over month.
The average price of one kilogram of locally marketed loose rice was N1,608.89, which represents a gain of 14.98% month over month and 189.79% year over year from N555.18 in May 2023 and N1,399.34 in April 2024.
Analysis by State
According to the state profile study for May 2024, Benue State had the lowest average price of N1,013.59 for a kilogramme of locally marketed loose rice, while Kogi State had the highest average price of N2,528.84.
Plateau State had the highest average price of N2,855 for loose brown beans, while Kebbi State had the lowest average price of N1,171.21. At N2,100.12, Rivers State had the highest average tomato price, while Katsina had the lowest, at N775.02.
Gombe recorded the highest average price of N1,613.29 for 1kg of loose white garri, while Kwara recorded the lowest price of N825.70.
Rise in All Geopolitical Zones
A zonal analysis showed that the Northeast had the highest average price for 1kg of locally sold loose rice at N1,821.77, followed by the Southwest at N1,698.53, with the Southeast recording the lowest at N1,328.44.
For brown beans (sold loose), the North-Central and South-South had the highest average prices at N2,574.52 and N2,293.03, respectively, while the lowest was in the Northwest at N1,379.97.
The South-South recorded the highest average price for tomatoes at N2,053.59, followed by the Southeast at N1,643.76, with the lowest in the Northeast at N1,050.84.
The Southwest and Northeast had the highest average prices for white garri (sold loose) at N1,294.51 and N1,138.62, respectively, with the North-Central having the lowest at N1,021.20.
Implications
After the relatively small increases in March and April, the double-digit monthly increase in staple food prices points to a fresh wave of food inflation. Previous predictions that the food inflation curve would start to flatten by the middle of the year are contradicted by this rise.
The News Chronicles previously reported that food costs at the recent Muslim Eid holiday hit a 30-year high, making it the most expensive time for Muslims in almost thirty years.
