In an alarming development for Nigerian households, the National Bureau of Statistics (NBS) has reported a significant surge in food prices across various categories in October 2024. The sharp increase, detailed in the NBS’s latest ‘Selected Food Prices Watch’ report, has placed a considerable strain on consumers already battling with economic challenges.
According to the NBS, the average price of key food staples like beans, eggs, bread, and rice experienced dramatic increases. The report highlighted that the price of 1kg of brown beans jumped by 254.23% from N790.01 in October 2023 to N2,798.50 in October 2024. Similarly, the cost of a dozen medium-sized Agric eggs escalated by 140.21%, moving from N1,112.22 to N2,671.60 over the same period. Sliced bread saw an average price increase of 103.76%, with prices climbing from N760.82 to N1,550.24. Local rice also witnessed a significant price hike, with an increase of 137.32% from N819.42 to N1,944.64.
The regional analysis further revealed that the South-East and South-West zones bore the brunt of the highest price increases for local rice, with averages at N2,146.08 and N2,011.05 respectively, while the North-West had the lowest prices at N1,763.62. This year’s price surge comes despite government initiatives like the 150-day duty-free import window for certain food commodities, aimed at mitigating such increases. However, experts argue that these measures are not enough to counteract the rising tide of food inflation, pointing instead to the need for addressing broader issues like insecurity, foreign exchange volatility, and transportation costs.
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The public’s reaction has been one of dismay, with many expressing their frustrations on social media platforms like X, where discussions highlighted the stark reality of a 152% increase in the price of a bag of local rice over the year.
Many on X are calling out President Bola Tinubu with the popular nickname “T-Pain” you are working.
This situation highlights a broader economic challenge where inflation continues to outpace income growth, forcing many Nigerians to adjust their consumption patterns drastically. As the festive season approaches, the soaring food prices cast a shadow over holiday celebrations, with families potentially having to scale back on traditional feasts and gatherings.
The government and relevant stakeholders are urged to implement more robust strategies to curb this upward spiral in food prices, including improving agricultural productivity, enhancing supply chain logistics, and possibly revisiting import policies to ensure food security and affordability for all Nigerians. The NBS’s report serves as a critical wake-up call, highlighting the urgent need for action to stabilize food prices and protect consumer welfare in the face of economic volatility.
