Monday, February 17, 2025

INFLATION: Nigerian Food Inflation Persists, NBS Reports Significant Price Surges In May 2024

Nigeria continues to grapple with food inflation as the National Bureau of Statistics (NBS) reports notable increases in the prices of staple food items such as rice, garri, tomatoes, beans, and yams in April and then in May 2024.

In its recent Selected Food Prices Watch report for April 2024, released from Abuja on Friday, the NBS detailed the inflationary trends over the past year.

A significant year-on-year climb was observed in the cost of local rice, with a 155.93 percent increase from N546.76 in April 2023 to N1,399.34 in April 2024, and a 3.47 percent month-on-month hike from March 2024.

The trend extended to white garri, witnessing a 134.98 percent inflation from N362.50 in April 2023 to N851.81 in April 2024, and a 13.59 percent rise since March 2024.

Tomato prices soared by 131.58 percent annually, crossing the threshold from N485.10 in April 2023 to N1,123.41 in April 2024, with a 17.06 percent increase recorded within a month.

READ MORE: STRIKE: Over 1000 Deaths Recorded As Mozambique Health Workers Go On Strike

Brown beans saw a 125.43 percent annual upsurge from N615.65 in April 2023 to N1,387.90 in April 2024, accumulating a 12.44 percent rise from the preceding month.

The NBS also noted a 154.19 percent yearly leap in the cost of 1kg of yam tuber, from N444.69 in April 2023 to N1,130.37 in April 2024, inclusive of a 5.76 percent month-on-month rise.

An analysis on a state-by-state basis revealed notable variances with Niger having the most expensive local rice at N1,785.47, while Benue claimed the least expensive at N993.72. For white garri, Bayelsa topped the list with N1,095.26, whereas Benue saw the lowest prices at N494.47.

Delta reported the steepest prices for tomatoes at N1,851.19, with Zamfara registering the lowest at N547.22. For brown beans, prices peaked in Abuja at N2,288.36, and the most affordable was found in Yobe at N818.03.

In yam prices, Cross River was the highest at N1,797.15, with Bauchi presenting the lowest average price at N638.64.

Looking at zonal data, the South-West and South-South zones experienced the highest rates for local rice and white garri, while the North-West fared the lowest for these commodities.

In conclusion, For tomatoes, the South-South topped the charts, followed closely by the South-West, with the North-West again on the lower end. Brown beans prices were the highest in the North-Central and South-South, with the North-West maintaining the lowest rates in the nation.

Hot this week

AfDB Invests $3 Billion in Agro-Industrial Hubs to Transform Africa’s Agriculture

The African Development Bank (AfDB) is driving Africa’s agricultural...

Ghana Targets Payroll Corruption With Probe Into 81,000 ‘Ghost Names

Ghana’s government has launched an investigation into 81,000 suspected...

Standing for Truth in a World of Deception – Mark Idiahi

In a generation where moral relativism and "wokeness" are...

Tinubu Blocks AU Proposal to Split Political Affairs and Security Department

President Bola Tinubu has rejected a proposal to divide...

Tinubu Joins African Union Summit to Push for Reparatory Justice, Economic Development

President Bola Ahmed Tinubu arrived in Addis Ababa, Ethiopia,...

NDLEA Cracks Down on Trans-Border Drug Cartel, Seizes 190,960 Tramadol Pills

Nigeria’s anti-drug agency has dismantled a major trans-border drug...

WAEC 2024 Results: 67.55% of Private Candidates Secure Five Credits or More

The West African Examinations Council (WAEC) has released the...

Tinubu Blocks AU Proposal to Split Political Affairs and Security Department

President Bola Tinubu has rejected a proposal to divide...

Dangote Group to Invest $400M in Ethiopia Cement Expansion Amid Market Growth

Africa’s richest man, Aliko Dangote, is doubling down on...

Djibouti’s Youssouf Secures AU Commission Chair, Pledges Security and Unity

Djibouti’s Foreign Minister, Mahmoud Ali Youssouf, has emerged as...

Nigeria Sees 9,100 Childhood Cancer Cases Annually Amid Calls for Urgent Action

Nigeria records approximately 127,000 cancer cases annually, with children...

Nigeria’s Defence Chief Exposes Foreign Links to Boko Haram, Calls for Action

Chief of Defence Staff General CG Musa has indeed...

Related Articles

Popular Categories