Major staple food prices across Nigeria increased by double figures month-on-month according to the NBS latest food price watch.
According to the NBS Food Price Watch, on the average Food such as Garri, Rice, Beans, Beef, bread increased by as high as 25% with the lowest around 10% between January and February 2024.
Rice
The average price of 1kg of loose local rice increased by 19.69% from N1,021.79 sold in January 2024 to N1,222.97 in the month of February. On an annual basis, the price of loose local rice increased by 134.81% from N520.84 to its current figure.
Beans
The average price of 1kg brown Beans (sold loose) increased from N976.58 in January 2024 to N1,177.9 in February. This indicates an increase of 20.62% in one month. On an annual basis, the price of 1kg brown beans jumped from N594.15 in February 2023 to its current price.
Beef
Monthly, the average cost of 1kg boneless beef increased by 10.22% from N3,315.78 it sold in January to N3,654.56 for February 2024. On a year-on-year basis, the price of Beef increased by 49.41% from N2,445.96 in February, 2023.
Garri
Similarly, the average price of loose Garri white per kilogram surged by 109.16% year-on-year, climbing from N345.88 in February 2023 to N723.45 in February 2024, with a monthly increase of 20.44%.
Yam
the average price of Yam tuber per kilogram rose by 131.33% year-on-year, escalating from N436.41 in February 2023 to N1009.56 in February 2024. On a month-on-month basis, it saw an 11.93% increase from N901.94 in January 2024 to N1009.56 in February 2024.
Egg
Likewise, the average price of one medium-sized agricultural egg surged by 58.21% year-on-year, climbing from N88.03 in February 2023 to N139.28 in February 2024, with a monthly increase of 19.65% from N116.41 in January 2024.
Bread
The average price of a 500g sliced bread rose from N 904.02 in January 2024 to N1,047.86 in February. This represents an increase of 15.91% between January and February. Yearly, the price of bread increased by 89.48% between February 2023 and February 2024.
Insights
The substantial surge in the price of staple foods nationwide reflects the prevailing high levels of inflation. In February 2024, the inflation rate soared to 31.70%, accompanied by a food inflation rate of 37.92%. Despite concerted efforts to curb this hyperinflationary trajectory, the results have been minimal.
Last month, the Central Bank of Nigeria (CBN) raised the interest rate to 22.75% in a bid to counteract the escalating costs of goods and services. Nevertheless, the impact of the heightened MPR on inflation is yet to be evident to Nigerians.
