The average food prices of key staples across major cities in the country have surged by over 50 percent in the last year, according to data from the National Bureau of Statistics. This significant increase in prices has had a major impact on the cost of living for many Nigerians, especially those who rely on these staples for their daily meals.
One of the key staples that has seen a substantial price increase is beans, which is a crucial source of protein for many Nigerians. The average price of beans surged by 262.98 percent on a year-on-year basis, from N673.53 to N2,444.81. This sharp increase in price has made it more difficult for consumers to afford this essential food item, with prices in local markets reaching record highs of above N10,000 for a bag, depending on the type.
Similarly, the average price of agric eggs (12 pieces) has experienced a significant increase of 92 percent year-on-year, rising from N1,006 to N1,935. This rise in egg prices has also been felt in local markets, with a crate of eggs now selling for N5,200 in Lagos, a 160 percent increase from last year.
Another staple that has seen a substantial price hike is garri, with the average price of 1kg of white garri sold loose increasing by 167.98 percent on a year-on-year basis, from N429.89 to N1,151.79. This increase in garri prices has added to the financial burden of consumers who rely on this staple for their meals.
Despite these significant price increases, there have been some fluctuations in prices for other food items. For example, the price of yam increased by 234.23 percent year-on-year, but decreased by 10.82 percent month-on-month due to the beginning of a new harvest season. This decline in yam prices has been observed in markets such as the Mile 12 Market in Lagos, where the price of a big tuber of yam has dropped to an average of N4,000 from nearly N10,000 in June/July.
Additionally, the price of tomatoes fell by 26.43 percent on a month-on-month basis, providing some relief to consumers who rely on this vegetable for their meals. The state profile analysis in the report also highlights the variation in prices across different states, with Rivers State recording the highest average price of 1kg of brown beans at N3,070.96, while Adamawa recorded the lowest price at N1,532.23.
Overall, the surge in food prices for key staples across major cities in the country has put a strain on the budgets of many Nigerians. As prices continue to rise, it is essential for policymakers to address the underlying factors driving these increases and implement measures to mitigate the impact on consumers. In the meantime, consumers may need to adjust their spending habits and explore alternative food options to cope with the rising cost of living.
