Food prices skyrocket by 97% in one year, south-east hardest hit
The cost of food in Nigeria has surged by 97 per cent between November 2023 and November 2024, the National Bureau of Statistics (NBS) latest report has shown.
This sharp increase reflects the mounting challenges faced by hou latest reportamidst economic pressures and rising inflation.
The NBS data revealed that the average cost of food nationwide climbed from N1,449.57 in November 2023 to N2,862.14 in November 2024. On a month-on-month basis, prices rose from N2,758.60 in October 2024, marking a 3.75 per cent increase in just one month.
Staple items experienced significant price hikes. For instance, 1kg of brown beans, which cost N838.85 in November 2023, soared to N2,720.96 in November 2024, a 224.37 per cent year-on-year increase. Medium-sized eggs (12 pieces) rose from N1,202.18 to N2,833.97, reflecting a 135.74 per cent increase within the same period. Similarly, the price of onion bulbs jumped by 174.65 per cent from N683.78 to N1,878.00.
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The NBS surveyed 44 staple food items, including rice, garri, beans, beef, bread, dried fish, and frozen chicken. However, the price inflation was not evenly distributed across the country, with the South-East region recording the highest average food price at N3,366.41. In contrast, the North-West had the lowest at N2,511.86, underscoring significant regional disparities.
This alarming rise in food costs can be attributed to several factors. Persistent insecurity in key agricultural regions, particularly in the North, has disrupted farming activities and food supply chains. Severe weather events, including flooding exacerbated by climate change, have negatively impacted crop yields. Rising fuel prices and poor road infrastructure have driven up transportation costs, while the depreciation of the naira has increased the cost of imported food items.
As food prices nearly double within a year, many households face heightened food insecurity, with wages failing to keep pace with the rising cost of living. The situation continues to place immense strain on low and middle-income earners, further deepening the economic divide in the country.
