Nigerians face steep price hikes in staple foods

The cost of staple foods in Nigeria, such as garri, yam, and beans, has surged alarmingly, with annual increases exceeding 100%. This steep rise has sparked widespread concern among the populace.

The National Bureau of Statistics has confirmed these figures, highlighting a consistent annual inflation in food prices. The bureau's Selected Food Price Watch for March 2024 provides a detailed account of this trend.

For instance, the price of 1kg of loose rice escalated to N1,340.74 in February 2024, a significant 152.93% jump from the previous year's price of N530.08 in March 2023. This also represents a 9.63% increase from the price of N1,222.97 recorded a month earlier.

In a similar vein, 1kg of loose white Garri saw a 112.34% year-on-year increase from N353.16 in March 2023 to N749.89 in March 2024, coupled with a 3.66% month-on-month rise.

Moreover, the average price of 1kg of Yam tuber soared by 141.25% year-on-year, from N443.02 in March 2023 to N1,068.78 in March 2024, with a 5.87% increase from February 2024's price of N1,009.56.

A state-by-state analysis reveals significant disparities. For example, Niger State recorded the highest average price for 1kg of loose rice at N1,699.98, while Benue State reported the lowest at N985.83.

When it comes to 1kg of loose brown Beans, Ondo State topped the chart with N1,596.68, and Sokoto State had the most affordable price at N745.5. The highest price for 1kg of loose white Garri was in Ogun State at N1021.13, with Benue State offering the lowest at N490.55. Edo State had the priciest 1kg of Yam tuber at N1,695.13, whereas Katsina State had the least expensive at N723.39.

These findings come against the backdrop of escalating food inflation rates, which stood at 33.20% for general items and a staggering 40.01% for food as of March 2024.