Despite a reported decline in food inflation for July 2024, the prices of several essential food items in Nigeria have continued to rise. This is based on a review of the National Bureau of Statistics (NBS) data, which indicates that prices for staples like beans, rice, yam, eggs, and garri increased during the month, contrary to the general trend of falling inflation.
The findings were detailed in the NBS’s latest ‘Selected Food Prices Watch’ report for July 2024. According to the report, the average price of 1kg of brown beans (sold loose) reached N2,444.81 in July, representing a significant 262.98 percent increase compared to the N673.53 recorded in July 2023. On a month-to-month basis, the price saw a 6.63 percent rise from N2,292.76 in June 2024.
Other food items also saw price hikes. For instance, the price of 12 medium-sized agric eggs rose to N2,170.17 in July 2024, up from N1,006.64 in July 2023 and N1,935.69 in June 2024. The report noted a 12.11 percent increase in the average price of eggs from June to July 2024.
Tomatoes also saw a significant price jump, with the cost of 1kg increasing by 203.57 percent year-on-year, from N557.96 in July 2023 to N1,693.83 in July 2024. However, on a month-to-month basis, the price actually dropped by 26.43 percent from N2,302.26 in June 2024.
The report further highlighted a notable increase in the price of 1kg of white garri, which went up by 167.98 percent year-on-year, from N429.89 in July 2023 to N1,151.79 in July 2024. On a month-to-month basis, there was a slight 1.43 percent increase.
Yam tubers also experienced a steep price hike, with the average price of 1kg rising by 234.23 percent year-on-year, from N539.41 in July 2023 to N1,802.84 in July 2024. However, this price actually decreased by 10.82 percent from June 2024’s average of N2,021.55.
Nigeria has been grappling with food inflation, which has driven up the cost of food and, by extension, the overall cost of living. While the government’s efforts have shown some positive impacts, Nigerians continue to express concerns over the rising cost of basic food items.
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