Nigeria’s Food Inflation Is Skyrocketing on Daily basis as Economic Crisis Deepens

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Nigerians are facing an escalating cost-of-living crisis as food prices skyrocket, driven by inflation and insecurity that hampers farming activities.

Analysts warn that without decisive government intervention, the situation may continue to deteriorate, leaving millions struggling to afford basic food items.

The National Bureau of Statistics (NBS), in its latest “Selected Food Prices Watch” report for August 2024, confirmed the alarming rise in prices of essential foodstuffs like beans, rice, and bread.

According to the NBS, the average price of 1 kilogram of brown beans surged to N2,574.63 in August, marking a staggering 271.55% increase from N692.95 in August 2023. On a month-on-month basis, the price jumped by 5.31% from N2,444.81 in July 2024.

Similarly, the cost of a dozen medium-sized Agric eggs soared by 121.92% year-on-year, climbing from N1,031.55 in August 2023 to N2,289.19 in August 2024. Month-on-month, prices increased by 5.48% compared to July.

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Bread, a staple for many Nigerians, also saw a dramatic price increase.

The average price for a loaf of sliced bread rose by 113.16% year-on-year, reaching N1,459.85 in August from N684.85 in the same period last year. Month-on-month, bread prices inched up by 2.28% from N1,427.25 in July.

Local rice, another key staple, witnessed a 148.41% rise on a year-on-year basis, with the price climbing from N737.11 in August 2023 to N1,831.05 in August 2024. The price rose 3.65% month-on-month from N1,766.64 in July.

Yams, a common source of carbohydrates, saw one of the sharpest increases. The average price of a kilogram of yam skyrocketed by 188.31%, reaching N1,661.80 in August 2024 from N576.39 the previous year.

However, on a month-on-month basis, the price fell 7.82% from July’s N1,802.84.

Tomatoes, widely used in Nigerian households, also recorded substantial inflation. The price of 1 kilogram of tomatoes jumped by 171.72% year-on-year, from N554.37 in August 2023 to N1,506.35 in August 2024.

However, prices declined by 11.07% month-on-month from N1,693.83 in July.

The soaring food prices are compounded by insecurity in key agricultural regions, preventing many farmers from returning to their fields.

Analysts emphasize that the federal government must address these security challenges to ease the pressure on food supply and inflation.

Without swift action, there may be little relief in sight for Nigeria’s inflation-ravaged consumers.

— globalfinancialdigest.com;