The prices of staple foods such as rice, garri, beans, and yam have surged by over 130% on a year-on-year basis as of April 2024, intensifying Nigeria’s economic challenges.
This data was disclosed by the National Bureau of Statistics in its recent report on selected food prices for April, published on its website.
According to the report, the price of a one-kilogram bag of rice rose by 155.93% to N1,399.34 in April 2024 from N546.76 in April 2023. On a month-on-month basis, rice prices increased by 3.47% from N1,340.74 in March 2024.
The average price of one kilogram of garri increased by 134.98% year-on-year to N851.81 in April 2024, compared to N362.50 in April 2023. Month-on-month, garri prices saw a 13.59% increase from N749.89 in March 2024.
Similarly, the price of one kilogram of tomatoes surged by 131.58% annually to N1,123.41 in April 2024 from N485.10 in April 2023. The month-on-month increase was 17.06%, rising from N959.68 in March 2024.
The price of one kilogram of brown beans jumped by 125.43% year-on-year to N1,387.90 in April 2024 from N615.67 in April 2023, with a 12.44% increase from March 2024.
Additionally, the price of a one-kilogram yam tuber rose by 154.19% year-on-year to N1,130.37 in April 2024 from N444.69 in April 2023. Month-on-month, yam prices increased by 5.76% from N1,068.78 in March 2024 to N1,130.37 in April 2024.
These increases come amid Nigeria’s continuing rise in headline and food inflation, which stood at 33.69% and 40.53%, respectively, in April 2024.
Financial experts attribute the surge in food prices to President Bola Ahmed Tinubu’s policies of fuel subsidy removal and naira devaluation.
In response to inflation, the Central Bank of Nigeria raised the interest rate to 26.25% during its latest 295th Monetary Policy Committee meeting. CBN Governor Olayemi Cardoso stated that the rate hike aims to curb inflation.
However, Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise, noted that previous rate hikes by the CBN have not effectively impacted the country’s inflation rates.
