Food Prices Skyrocket 180% in 1 Year — NBS

Food inflation hits 180% in 1 year, says NBS...

Nigeria's inflation rates soar to 34.19% and 40.87% for core and food inflation, respectively, as citizens prepare for a planned national protest, prompting government appeals for dialogue and patience.

In June 2024, the costs of staple foods like garri, beans, yam, and tomatoes skyrocketed by at least 180% compared to the same time last year, according to recent data. This sudden price hike comes as Nigerians prepare for planned nationwide protests, sparking concerns about the country's food security and economic stability.

The National Bureau of Statistics (NBS) released its June Selected Food report on Wednesday, July 24, revealing a significant surge in food prices. The report, which tracked the costs of essential items like garlic, beans, tomatoes, yam, and potatoes, showed increases in both yearly and monthly prices.

According to the data, the price of white garri (1kg) skyrocketed by 181.66% over the past year, jumping from N403.15 in June 2023 to N1,135.51 in June 2024. Additionally, the price rose by 1.86% compared to the previous month, indicating a steady upward trend in food costs.

The price of brown beans (1kg, sold loose) surged to N2,292.76, representing a staggering 252.13% year-on-year increase from N651.12 in June 2023. This drastic price hike underscores the escalating costs of staple foods in the country.

Furthermore, the cost of a 1kg yam tuber skyrocketed by 295.79% year-on-year, jumping from N510.77 in June 2023 to N2,021.55 in June 2024. What's more, the price experienced a significant 52.87% increase month-on-month, rising from N1,322.36 in May 2024, indicating a rapid acceleration in price growth.

Tomatoes (1kg) saw a dramatic price surge, soaring 320.67% year-on-year to N2,302.26 in June 2024, up from N547.28 in June 2023. This sharp increase adds to the growing list of staple foods experiencing rapid price growth.

Irish potatoes also witnessed a substantial price hike, with a 288.5% year-on-year increase from N623.75 in June 2023 to N2,423.27 in June 2024. The report further revealed significant price variations across states, with Lagos recording the highest price for 1kg yam tubers at N3,376.54, while Adamawa had the lowest at N1,100.00. Similarly, Gombe reported the highest average price for 1kg loose white garri at N1,619.27, whereas Taraba had the lowest at N900.

Nigeria's inflation rates soared in June, with core inflation at 34.19% and food inflation at 40.87%. This escalating inflation erodes Nigerians' purchasing power, worsening the country's misery index. As the nation grapples with rising prices and inflation, a planned national protest is set for August 1, 2024.

In an effort to appease the situation, President Bola Ahmed Tinubu has appealed to citizens to cancel the planned protests. He urged patience, stating that the government needs time for its policies, including the newly implemented N70,000 minimum wage, to take effect and positively impact the population. The President's plea comes as Nigerians prepare to take to the streets to express their discontent with the country's economic woes.

In an effort to prevent the planned protest, the government has called for dialogue, with state governors and federal ministers engaging in talks aimed at addressing the grievances of the protesters and finding a peaceful resolution to the crisis.