Nigeria’s high food prices worsened in June—NBS

The National Bureau of Statistics says that the prices of beans, tomatoes, Irish potatoes, garri, yam, and other food items witnessed significant price increases in June 2024. The NBS said this in its Selected Food Prices Watch report for June 2024, released in Abuja. The report said that the average price of one kilogramme of brown beans increased by 252.13 per cent from N651.12 recorded in June 2023 to N2,292.76 in June 2024. On a month-on-month basis, one kilogramme of brown beans increased by 14.11 per cent in June from the N2,009.23 recorded in May 2024. It said that the average price of one kilogramme of tomatoes increased by 320.67 per cent on a year-on-year basis from N547.28 recorded in June 2023 to N2,302.26 in June 2024. On a month-on-month basis, one kilogramme of tomatoes increased by 55.97 per cent from the N1,479.69 recorded in May 2024. The report said that the average price of Irish potatoes increased by 288.50 per cent on a year-on-year basis from N623.75 in June 2023 to N2,423.27 in June 2024.

On a month-on-month basis, the price increased by 51.92 per cent from the N1,595.07 recorded in May 2024. The NBS said that the average price of 1kg of white garri rose by 181.66 per cent on a year-on-year basis from N403.15 in June 2023 to N1,135.51 in June 2024. On a month-on-month basis, one kilogramme of white garri increased by 1.86 per cent from N1,114.72 recorded in May 2024. In addition, the average price of one kilogramme of yam tuber rose by 295.79 per cent on a year-on-year basis from N510.77 recorded in June 2023 to N2,2021.55 in June 2024. On a month-on-month basis, it increased by 52.87 per cent from N1322.36 recorded in May 2024 to 2,021.55 in June 2024. On state profile analysis, the report showed that in June 2024, the highest average price of one kilogramme of brown beans was recorded in Kogi at N3,006.43, while the lowest was recorded in Adamawa at N 1,336.11.

It said that Abuja recorded the highest average price of one kilogramme of tomato at N3,992.61, while the lowest was recorded in Kebbi at N1,200. The NBS said that the highest average price of one kilogramme of yam tuber was in Lagos at N3,376.54, while the lowest price was in Adamawa at N1,100. According to the report, Gombe recorded the highest average price of one kilogramme of white garri at N1,619.27, while the lowest was reported in Taraba at N900. Analysis by zone showed that the average price of one kilogramme of brown beans was highest in the North-Central at N 2,923.45, followed by the South-South at N 2,630.03. The lowest price was recorded in the North-West at N1,647.03. The South-West and South-East recorded the highest average price of one kilogramme of tomatoes at N3,261.84 and N2,852.59, respectively, while the lowest price was in the North-West at N1,411.16.

The report said that the South-West recorded the highest average price of 1kg of yam tuber at N2,745.80, followed by the North-Central at N2,440.35, while the North-West recorded the lowest price at N1,238.49. The NBS also said that the South-West and the North-East recorded the highest average price of 1kg of white garri at N1,199.62 and N1,155.63, respectively. The North-Central recorded the lowest price of one kilogramme of white garri at N1,055.87.  To address the incessant increase in food prices and ensure food security, the federal government recently granted a 150-day duty-free import window for food commodities. The suspended duty tariffs and taxes will be on importing certain food items across the land and sea borders, including maize, cowpeas, wheat, and husked brown rice. However, experts have suggested more sustainable measures, such as addressing the issue of insecurity, foreign exchange and transportation costs to address the soaring food prices and ensure food security. (NAN)