The National Bureau of Statistics (NBS) has released a report indicating significant increases in the prices of essential food items such as beans, tomatoes, Irish potatoes, garri, and yam in June 2024.
This comes shortly after the NBS announced that the headline inflation rate rose to 34.19% in June, up from 33.95% in May 2024.
Key Findings from the NBS Report
Beans:
- The average price of 1kg of brown beans surged by 252.13% from ₦651.12 in June 2023 to ₦2,292.76 in June 2024.
- On a month-on-month basis, the price increased by 14.11%, up from ₦2,009.23 in May 2024.
Tomatoes:
- The average price of 1kg of tomatoes rose by 320.67% year-on-year from ₦547.28 in June 2023 to ₦2,302.26 in June 2024.
- The price saw a 55.97% month-on-month increase, rising from ₦1,479.69 in May 2024.
Irish Potatoes:
- The price of 1kg of Irish potatoes increased by 288.50% from ₦623.75 in June 2023 to ₦2,423.27 in June 2024.
Garri:
- The average price of 1kg of white garri went up by 181.66% year-on-year from ₦403.15 in June 2023 to ₦1,135.51 in June 2024.
- Month-on-month, the price increased by 1.86%, from ₦1,114.72 in May 2024.
Yam:
- The price of 1kg of yam tuber rose by 295.79% year-on-year from ₦510.77 in June 2023 to ₦2,021.55 in June 2024.
Regional Price Variations
- Brown Beans: Highest in Kogi at ₦3,006.43; lowest in Adamawa at ₦1,336.11.
- Tomatoes: Highest in Abuja at ₦3,992.61; lowest in Kebbi at ₦1,200.
- Yam Tuber: Highest in Lagos at ₦3,376.54; lowest in Adamawa at ₦1,100.
- White Garri: Highest in Gombe at ₦1,619.27; lowest in Taraba at ₦900.
Zone-wise Analysis
- Brown Beans: North-Central recorded the highest average price at ₦2,923.45, followed by the South-South at ₦2,630.03.
- Tomatoes: South-West had the highest average price at ₦3,261.84, followed by the South-East at ₦2,852.59. The lowest was in the North-West at ₦1,411.16.
- Yam Tuber: South-West recorded the highest price at ₦2,745.80, followed by North-Central at ₦2,440.35. The North-West had the lowest price at ₦1,238.49.
- White Garri: South-West and North-East recorded the highest prices at ₦1,199.62 and ₦1,155.63, respectively.
Government Measures
In response to the escalating food prices, the Federal Government has introduced a 150-day duty-free import window for certain food commodities. This suspension of duty tariffs and taxes applies to the importation of maize, cowpeas, wheat, and husked brown rice across land and sea borders.
Additionally, the government has approved the distribution of some grains nationwide to address food security concerns.
The significant rise in food prices highlights the ongoing economic challenges faced by Nigerians.
The Federal Government’s recent measures aim to mitigate these challenges and stabilize the food supply in the country.