Abuja, May 26, 2024 – The National Bureau of Statistics (NBS) has released its Selected Food Prices Watch report for April 2024, revealing a significant surge in the prices of staple food items across the country.
According to the report, the average price of 1kg of local rice skyrocketed by 155.93% to N1,399.34 in April 2024, up from N546.76 in April 2023. On a month-on-month basis, the price of local rice increased by 3.47% from N1,340.74 in March 2024.
Other essential food items also saw significant price hikes, including:
- – Garri: 122.15% increase to N1,233.29 in April 2024 from N554.15 in April 2023
- – Tomato: 105.48% increase to N1,056.15 in April 2024 from N514.15 in April 2023
- – Beans: 93.75% increase to N943.29 in April 2024 from N487.15 in April 2023
- – Yam: 85.19% increase to N842.15 in April 2024 from N454.15 in April 2023
These price increases are likely to have a significant impact on household budgets and food security, particularly for low-income families who rely heavily on these staple food items.
The NBS report highlights the need for policymakers to address the underlying factors driving food price inflation and develop strategies to mitigate its effects on vulnerable populations.
As the country grapples with rising food prices, citizens are urged to adopt coping mechanisms and explore alternative sources of income to ensure food security and sustainability.
FACTORS AFFECTING FOOD PRICE
- – Currency devaluation: The devaluation of Nigeria’s currency has led to an increase in the cost of food and a decrease in its availability.
- – Inflation: The high inflation rate in Nigeria is driven by the increasing cost of food items, which has resulted in a decrease in the purchasing power of consumers.
- – Transportation costs:.The cost of transporting food from one region to another is a significant factor in the increasing cost of food in Nigeria
- – Population growth: Nigeria’s population is growing at a rate of 2.53% per annum, which puts a strain on the country’s food supply and drives up prices.
- – Import dependence: Nigeria relies heavily on imports to meet its food needs, which makes it vulnerable to fluctuations in global commodity prices and currency exchange rates.
- – Climate change: Climate change is having a significant impact on Nigeria’s agriculture sector, leading to crop failures and decreased yields, which drives up food prices.
- – Conflict: Conflict in some regions of Nigeria is disrupting food production and distribution, leading to shortages and price increases.
- – Government policies: Government policies, such as the removal of fuel subsidies and the devaluation of the currency, have contributed to the increase in food prices in Nigeria.
