The cost of living in Nigeria is high but moderating, with July 2024 Consumer Price Index (CPI) data showing a decrease in inflation rates across both all items and food.
The latest report from the National Bureau of Statistics (NBS) shows that Nigeria’s headline inflation rate decreased to 33.40% in July 2024, down from 34.19% in June 2024. This marked the first decline in the headline inflation rate since December 2022, when it last dropped to 21.34%.
Also, food inflation dropped to 39.53%, from 40.87% recorded in June 2024. However, Nigerians still struggle with high costs for some food items. This is as basic staple foods like garri have become very expensive for ordinary Nigerians.
Below are the 10 most expensive staple foods in Nigeria in July 2024, based on the latest data from the NBS:
10: Garri (Yellow, Sold Loose)
Garri yellow, sold loose, witnessed a Year-on-Year (YoY) price increase of 165.1%, rising from N459.7 in July 2023 to N1,218.68 in July 2024. The price showed a minimal Month-on-Month (MoM) increase of 0.39% from N1,213.98 in June 2024. The highest price for Gari yellow was recorded in Gombe at N1,691.15, while the lowest was in Taraba at N858.49.
9: Garri (White, Sold Loose)
Garri white saw a YoY increase of 167.93%, with its price moving from N429.89 in July 2023 to N1,151.79 in July 2024. The price increased modestly by 1.43% MoM from N1,135.51 in June 2024. The highest price was observed in Gombe at N1,624.72, with the lowest in Taraba at N892.98.
8: Rice (Local, Sold Loose)
The price of local rice sold loose increased by 170.34% YoY, rising from N653.49 in July 2023 to N1,766.64 in July 2024. The MoM change was 3.75% from N1,702.74 in June 2024. The highest price was recorded in Kogi at N2,672.54, while the lowest was in Benue at N1,184.53.
7: Irish Potato
Despite leaving the third most expensive spot in the previous month, Irish potato prices soared by 176.78% YoY, from N643.47 in July 2023 to N1,781.01 in July 2024, with a significant MoM decrease of 26.5% from N2,423.27 in June 2024. The highest price was in Osun at N3,500, while the lowest was in Kebbi at N1,139.47.
6: Sweet Potato
It was the most expensive food item in May 2024 and ninth most expensive in June 2024. Sweet potato saw a YoY price increase of 185.75%, with its price rising from N339.63 in July 2023 to N970.5 in July 2024. It also had a MoM decrease of 0.66% from N976.96 in June 2024. The highest price was recorded in Delta at N1,819.44, with the lowest in Adamawa at N350.
5: Broken Rice (Ofada)
Leaving its previous spot as the 10th most expensive food item, broken rice (Ofada) prices increased by 200.11% YoY, rising from N679.22 in July 2023 to N2,038.36 in July 2024 with a MoM increase of 11.46% from N1,828.84 recorded in the previous month. The highest price was recorded in Lagos at N3,215.69, while the lowest was in Adamawa at N1,271.96.
4: Tomato
Tomatoes were the most expensive staple food in Nigeria in June 2024. Tomato prices surged by 203.57% YoY, increasing from N557.96 in July 2023 to N1,693.83 in July 2024. There was a MoM decrease of 26.43% from N2,302.26 in June 2024. The highest price was recorded in Osun at N3,000, while the lowest was in Kaduna at N761.45.
3: Yam Tuber
From the fifth position in May and second position in June, Yam tuber prices shot up by 234.23% YoY, from N539.41 in July 2023 to N1,802.84 in July 2024, with a MoM decrease of 10.82% from N2,021.55 in June 2024. The highest price was recorded in Kwara at N3,894.08, with the lowest in Adamawa at N742.95.
2: Beans (White Black Eye, Sold Loose)
Leaving the fifth most expensive spot in the previous month, the price of white, black eye beans increased by 253.89% YoY, from N652.61 in July 2023 to N2,309.53 in July 2024, with a MoM increase of 7.23% from N2,153.87 recorded in the previous month. The highest price was recorded in Bayelsa at N2,952.08, with the lowest in Adamawa at N1,462.12.
1: Beans (Brown, Sold Loose)
It was the fourth most expensive staple food in June 2024. The most significant YoY increase was seen in brown beans, with a 262.98% rise from N673.53 in July 2023 to N2,444.81 in July 2024. It recorded a MoM increase of 6.63% from N2,292.76 in June 2024. The highest price was recorded in Rivers at N3,070.96, while the lowest was in Adamawa at N1,532.23.
