The National Bureau of Statistics (NBS) has reported a dramatic increase in the prices of essential food items, including beans, eggs, bread, and rice, throughout October 2024. The findings, published in the NBS Selected Food Prices Watch report, shed light on the escalating cost of living in Nigeria and the persistent challenges of food affordability.
Key Increases in Food Prices
- Brown Beans: The average price of 1kg of brown beans skyrocketed by 254.23%, rising from ₦790.01 in October 2023 to ₦2,798.50 in October 2024. Month-on-month, prices climbed by 2.19% from ₦2,738.59 in September.
- Agric Eggs: A dozen medium-sized agric eggs saw a 140.21% year-on-year rise, moving from ₦1,112.22 in October 2023 to ₦2,671.60 in October 2024. Month-on-month, the price surged by 7.42%, up from ₦2,487.04 in September.
- Bread: The cost of sliced bread increased by 103.76% year-on-year, climbing from ₦760.82 in October 2023 to ₦1,550.24 in October 2024. Month-on-month, it rose by 1.44%, compared to ₦1,528.19 in September.
- Local Rice: The price of 1kg of local rice (sold loose) jumped 137.32%, from ₦819.42 in October 2023 to ₦1,944.64 in October 2024. Month-on-month, prices increased by 1.56%, up from ₦1,194.77 in September.
- Boneless Beef: The average cost of 1kg of boneless beef grew by 98.73%, rising from ₦2,948.03 in October 2023 to ₦5,858.58 in October 2024. Month-on-month, it recorded a 3.99% increase from ₦5,633.60 in September.
Regional and State Variations
The report also highlighted stark price disparities across states and regions:
- Brown Beans: Bauchi recorded the highest price at ₦3,750.00, while Yobe had the lowest at ₦1,749.52. Regionally, the South-South posted the highest average price (₦3,274.39), with the North-East reporting the lowest (₦2,294.29).
- Agric Eggs: Niger reported the highest price for a dozen eggs at ₦3,450.00, while Adamawa recorded the lowest at ₦2,050.00. The North-Central and South-East regions showed the highest averages, at ₦2,915.58 and ₦2,879.24, respectively.
- Sliced Bread: Rivers State had the highest price for bread at ₦1,867.14, while Yobe had the lowest at ₦960.07. The South-South led the regional averages at ₦1,829.25, with the North-East having the lowest at ₦1,360.85.
- Local Rice: Kogi had the highest price for local rice at ₦2,693.41, while Benue recorded the lowest at ₦1,267.25. The South-East topped regional averages at ₦2,146.08, while the North-West reported the lowest at ₦1,763.62.
Government Interventions and Expert Opinions
In July, the federal government implemented a 150-day duty-free import policy on food items like maize, cowpeas, wheat, and husked brown rice to curb rising food prices. However, experts argue that these measures are insufficient to tackle the root causes of food inflation.
According to analysts, persistent insecurity, foreign exchange volatility, and high transportation costs are the primary drivers of food price increases. Addressing these systemic issues is critical to achieving long-term food affordability and security.
The NBS report paints a stark picture of Nigeria’s food inflation crisis, underscoring the urgent need for comprehensive policy measures. While temporary interventions like duty-free imports may provide short-term relief, sustainable solutions involving improved security, infrastructure, and currency stability are vital to alleviate the burden on households and ensure food security for all Nigerians.
