The National Bureau of Statistics (NBS) has reported a 31% increase in food prices within the span of just one year, from July 2022 to July 2023.
This alarming surge in food costs has sent shockwaves through the nation, affecting staple items like rice, yam, palm oil, and more.
The most striking increase was in the price of yam, which skyrocketed by a whopping 42% from N389.75 to N539.41. One kilogram of rice wasn’t far behind, surging from N467.80 to N653.49 in the same time frame. Palm oil also saw a sharp rise of 35%, from N890.67 to N1208.62.
Other essential foods experienced significant price hikes as well, with garri (1kg) increasing by 33%, sliced bread (500g) by 34%, tomato (1kg) by 25%, wheat (2kg) by 29%, and beef by 30%.
Also, the report revealed that Abia and Ebonyi states in the South-Eastern region of Nigeria bore the brunt of these soaring food prices, while states in the North Central region, such as Kogi, Niger, and Benue, enjoyed comparatively lower prices.
The NBS pointed out that this surge in food prices played a pivotal role in driving up the inflation rate from 24.08% in July to 25.80% in August. Factors such as oil and fat, bread and cereals, fish, fruit, meat, and vegetables contributed to this concerning trend.
With the current economic challenges, Nigerians are facing an uphill battle to put food on their tables.
