The National Bureau of Statistics (NBS) has revealed a notable rise in the prices of key food items in Nigeria, including beans, rice, yam, eggs, and garri, for the month of July 2024.The findings, published in the bureau’s latest ‘Selected Food Prices Watch’ report, indicate substantial year-on-year increases, though some items experienced marginal month-on-month changes.
According to the report, the average price of 1kg of brown beans (sold loose) surged to ₦2,444.81 in July 2024. This represents a staggering 262.98% increase compared to ₦673.53 recorded in July 2023. On a month-on-month basis, the price of brown beans saw a 6.63% rise from ₦2,292.76 in June 2024.
The price of agricultural eggs (medium size, 12 pieces) also saw a significant year-on-year increase, reaching ₦2,170.17 in July 2024, up from ₦1,006.64 in July 2023. The price rose by 12.11% from ₦1,935.69 recorded in June 2024.
A notable increase was also recorded in the price of 1kg of tomato, which rose by 203.57% year-on-year, from ₦557.96 in July 2023 to ₦1,693.83 in July 2024. However, the price decreased by 26.43% on a month-on-month basis, down from ₦2,302.26 in June 2024.
The NBS further reported a year-on-year price increase for 1kg of white garri (sold loose), with the average price rising by 167.98% from ₦429.89 in July 2023 to ₦1,151.79 in July 2024. On a month-on-month basis, the price of garri increased by 1.43%.
The price of 1kg of yam tuber also saw a significant year-on-year increase of 234.23%, from ₦539.41 in July 2023 to ₦1,802.84 in July 2024. However, the price decreased by 10.82% month-on-month from ₦2,021.55 in June 2024 to ₦1,802.84 in July 2024.
The NBS report also provided a state profile analysis of food prices, revealing significant regional variations. Rivers State recorded the highest average price for 1kg of brown beans at ₦3,070.96, while Adamawa State had the lowest at ₦1,532.23. For tomatoes, the highest average price was recorded in Osun State at ₦3,000, with the lowest in Kaduna State at ₦761.45.
The price of 1kg of yam tuber was highest in Kwara State at ₦3,894.08, while Adamawa State recorded the lowest price at ₦742.95. Gombe State had the highest average price for 1kg of white garri at ₦1,624.72, while the lowest was in Taraba State at ₦892.98.
Regional analysis showed that the South-South recorded the highest average price for 1kg of brown beans at ₦3,032.86, followed by the North-Central at ₦2,869.95. The North-West had the lowest average price at ₦1,732.71. The South-West and South-South regions recorded the highest average prices for 1kg of tomatoes at ₦2,366.67 and ₦2,070.18, respectively, while the North-West recorded the lowest at ₦899.27.
For 1kg of yam tuber, the highest average price was recorded in the South-West at ₦2,357.02, followed by the South-South at ₦2,304.25. The North-East recorded the lowest price at ₦1,018.60. The South-East and North-East had the highest average prices for 1kg of white garri at ₦1,197.59 and ₦1,194.52, respectively, while the South-South recorded the lowest at ₦1,111.73.
In the NBS’s last consumer price index (CPI) report for July, the food inflation rate dropped to 39.53%, compared to 40.87% in June. However, on a year-on-year basis, the July figure was 12.55 percentage points higher than the 26.98% inflation rate recorded in July 2023.
