Food Prices in Nigeria Soar in July 2024: Beans, Eggs, and Yam Lead the Surge – Nigerians continue to grapple with skyrocketing food prices as the latest report from the National Bureau of Statistics (NBS) reveals significant increases in the cost of staple foods. The “Selected Food Price Watch Report” for July 2024 highlights that the prices of basic commodities such as beans, eggs, and yam have surged dramatically, with year-on-year increases reaching as high as 2,170%.
The average price of 1kg of brown beans, a staple in many Nigerian households, stood at N2,444.81 in July 2024. This represents a staggering 262.98% increase from N673.53 in July 2023. The price of beans also saw a 6.63% rise from N2,292.76 in June 2024, indicating that the inflationary pressures are not abating.
Similarly, the cost of agric eggs (medium size, 12 pieces) has soared to N2,170.17, marking an unprecedented 2,170.17% year-on-year increase from N1,006.64 in July 2023. On a month-on-month basis, the price of eggs rose by 12.11% from N1,935.69 in June 2024. This sharp rise in egg prices is particularly concerning for households that rely on eggs as a source of affordable protein.
Tomatoes, another essential ingredient in Nigerian cuisine, have also seen a significant price hike. The average cost of 1kg of tomatoes increased by 203.57% from N557.96 in July 2023 to N1,693.83 in July 2024. However, there was a notable month-on-month decrease of 26.43% from N2,302.26 in June 2024, offering some respite to consumers.
The report also highlights a dramatic rise in the price of yam tubers, with the average cost of 1kg reaching N1,802.84 in July 2024. This represents a 234.23% increase from N539.41 in July 2023. Despite a month-on-month decrease of 10.82% from N2,021.55 in June 2024, yam prices remain significantly elevated compared to the previous year.
Regional disparities in food prices were also evident in the report. Rivers State recorded the highest price for 1kg of brown beans at N3,070.96, while Adamawa State had the lowest at N1,532.23. For tomatoes, Osun State reported the highest price at N3,000, whereas Kaduna State recorded the lowest at N761.45. The cost of yam tubers was highest in Kwara State at N3,894.08 and lowest in Adamawa State at N742.95. Meanwhile, Gombe topped the list for the highest price of garri (white, sold loose) at N1,624.72, with the lowest price observed in Taraba State at N892.98.
Zonal analysis revealed that the South-South zone had the highest average price for brown beans at N3,032.86, while the North-West zone recorded the lowest at N1,732.71. The South-West zone had the highest price for tomatoes at N2,366.67, and the North-West zone again had the lowest at N899.27. For yam tubers, the South-West zone reported the highest prices at N2,357.02, while the North-East zone had the lowest at N1,018.60.
The NBS’s methodology for this report involved data collection by over 700 staff across all states and the Federal Capital Territory (FCT), drawing from 10,000 respondents and locations. The prices were averaged for each state, and random verification of recorded prices was conducted to ensure accuracy.
As the cost of food continues to rise, many Nigerians are feeling the strain on their household budgets. The dramatic price increases, particularly in staple foods, pose a significant challenge for low-income families and could exacerbate food insecurity in the country. With no immediate end in sight to these inflationary trends, the government and stakeholders may need to take urgent steps to address the underlying causes and provide relief to the most vulnerable populations.