The prices of major staple foods in Nigeria such as beans, yam, potato, plantain and tomato have risen by over 250% in the last one year.
This is according to the latest Food Price Watch from the National Bureau of Statistics (NBS) which states that the price of beans soared by 252% between June 2023 and June 2024.
The report indicates that the average price of 1kg of brown beans (sold loose) stood at N2,292.76, representing a 252.13% increase year-on-year from N651.12 in June 2023 and a 14.11% increase month-on-month from N2,009.23 in May 2024.
Tomatoes (1kg) also saw significant price increases, rising by 320.67% year-on-year from N547.28 in June 2023 to N2,302.26 in June 2024. On a month-on-month basis, the average price of tomatoes increased by 55.59% from N1,479.69 in May 2024.
Additionally, the price of Irish potatoes rose by 288.50% year-on-year from N623.75 in June 2023 to N2,423.27 in June 2024, and by 51.92% month-on-month from N1,595.07 in May 2024.
Furthermore, the average price of 1kg of yam tuber increased by 295.79% year-on-year, from N510.77 in June 2023 to N2,021.55 in June 2024.
On a month-on-month basis, the price rose by 52.87%, from N1,322.36 in May 2024 to N2,021.55 in June 2024.
Staple food prices with over 100% year-on-year increase
Other staple foods also experienced significant price increases over the past year. For instance, the average price of 1kg of loose white garri rose by 181.66% year-on-year, from N403.15 in June 2023 to N1,135.51 in June 2024. Additionally, there was a 1.86% increase on a month-on-month basis.
Also, the average price of local rice sold loose rose by 179.97% from N608.20 in June 2023 to N1,702.24 in June 2024. Â Nigerians on average paid double the price for wheat from June 2023 to June 2024 as the price rose from N1,380.45 per Kg to N3,157.75 indicating an increase of 128.75% during the 12-month period.
Food price increase across zones
Among food items with over a 250% year-on-year increase, the South-West recorded the highest prices. For example, the analysis by zone showed that the average price of brown beans (sold loose) was highest in the North-Central at N2,923.45, followed by the South-South at N2,630.03, while the North-West recorded the lowest average price at N1,647.03.
The average price of 1kg of tomatoes was highest in the South-West and the South-East at N3,261.84 and N2,852.59, respectively, with the lowest recorded in the North-West at N1,411.16. The South-West recorded the highest average price of 1kg of yam tuber at N2,745.80, followed by the North-Central at N2,440.35, while the lowest was recorded in the North-West at N1,238.49.
Additionally, the South-West and the North-East recorded the highest average price of 1kg of loose white garri at N1,199.62 and N1,155.63, respectively, while the lowest was recorded in the North-Central at N1,055.87.
