In July 2024, food prices in Nigeria saw dramatic increases, reflecting ongoing inflationary pressures and economic challenges. The National Bureau of Statistics (NBS) Food Price Watch Report highlights the following key price changes:
Beans:
Price Increase: The price of 1 kg of brown beans (sold loose) surged by 262.98% year-on-year (YoY), reaching N2,444.81 in July 2024 from N673.53 in July 2023.
Month-on-Month (MoM) Change: There was a 6.63% rise from N2,292.76 in June 2024.
Tomatoes:
Price Increase: The price of 1 kg of tomatoes rose by 203.57% YoY to N1,693.83 in July 2024 from N557.96 in July 2023.
MoM Change: Prices decreased by -26.43% from N2,302.26 in June 2024.
Yams:
Price Increase: The price of 1 kg of yam tuber increased by 234.23% YoY, reaching N1,802.84 in July 2024 from N539.41 in July 2023.
Eggs:
Price Increase: The average price of 12 medium-sized agric eggs rose by 155.5% YoY, reaching N2,170.17 in July 2024 from N1,006.64 in July 2023.
MoM Change: The price increased by 12.11% from N1,935.69 in June 2024.
Garri:
Price Increase: The price of 1 kg of white garri sold loose went up by 167.98% YoY, reaching N1,151.79 in July 2024 from N429.89 in July 2023.
MoM Change: There was a 1.43% increase from June 2024.
Analysis:
Inflation Impact: The substantial price increases reflect the broader inflationary trends affecting Nigeria, impacting essential food items.
Economic Factors: The rising costs are influenced by factors such as currency depreciation, supply chain disruptions, and increased production costs.
Consumer Impact: These price hikes significantly affect household budgets and living standards, leading to reduced purchasing power and potential shifts in consumption patterns.
The report underscores the urgent need for effective economic policies and interventions to address inflation and stabilize food prices in Nigeria.
