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Nigeria facing daunting challenge, As latest NBS Data Unveils stark rise in prices of food items

By William Emmanuel Ukpoju

The surge in costs of staple foodstuff such as rice, beef, beans, garri, and yam is putting a significant strain on consumers’ wallets, prompting concerns about food affordability and accessibility, as latest data by the Nigian Bureau of Statistics (NBS) has shown.

Rice Prices Soar:
The average price of 1kg of local rice sold loose reached a staggering N1,222.97, indicating a whopping 134.81% increase compared to February 2023.

Beef Costs Surge:
Boneless beef prices witnessed a substantial year-on-year increase of 49.41%, with consumers now paying N3,654.56 per kilogram on average.

Beans and Garri Prices Follow Suit:
Brown beans and garri prices also experienced significant spikes, rising by 98.25% and 109.16% respectively, adding further pressure on household budgets.

Yam Prices Hit New Heights:
Yam tuber prices surged by 131.33% year-on-year, with consumers now paying N1009.56 per kilogram on average. A state-by-state analysis reveals a wide disparity in food prices across Nigeria. For instance, Niger State reported the highest average price of 1kg of local rice at N1,670.96, while Borno State recorded the lowest at N936.14.

Zonal analysis showed variations in price trends. The South-West emerged with the highest average price of 1kg of local rice at N1,336.79, while the North-West reported the lowest at N1,073.92.

The escalating food prices are exacerbating the financial burden on consumers, particularly those with limited incomes.

Families are being forced to rethink their spending priorities and adapt to the new economic reality.

As food affordability becomes increasingly challenging for Nigerians, there are growing calls for government intervention to address the root causes of inflation and implement measures to ensure food security for all citizens.

The surge in food prices in Nigeria is a pressing issue that requires urgent attention.

With costs continuing to rise, the government, policymakers, and relevant stakeholders must work together to mitigate the impact on consumers and safeguard the well-being of the population.