The National Bureau of Statistics (NBS) has released its June 2024 Selected Food Price Watch Report, highlighting substantial year-on-year increases in the prices of various food items across Nigeria.
The report provides detailed insights into the price dynamics of key food items, reflecting the economic pressures faced by consumers.
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Key Highlights
Beans (Brown, Sold Loose)
- Price Increase: The average price of brown beans sold loose increased by 252.13 per cent from N651.12 in June 2023 to N2,292.76 in June 2024.
- Regional Price Variations: The highest average price was recorded in Kogi State at N3,006.43, while the lowest was in Adamawa State at N1,336.11.
Tomatoes
- Price Increase: The price of tomatoes saw a significant year-on-year increase, with the average price rising to N2,923.45 in June 2024.
- Regional Price Variations: The highest average price of tomatoes was recorded in Abuja at N3,992.61, while the lowest was in Kebbi State at N1,200.00.
Yam Tuber
- Price Increase: The price of 1kg of yam tuber surged by 295.79 per cent, from N510.77 in June 2023 to N2,021.55 in June 2024.
- Regional Price Variations: Lagos State recorded the highest price at N3,376.54, whereas Adamawa State recorded the lowest at N1,100.00.
Garri (White, Sold Loose)
- Price Increase: The price of 1kg of white garri increased by 181.66 per cent, from N403.15 in June 2023 to N1,135.51 in June 2024.
- Regional Price Variations: Gombe recorded the highest average price at N1,619.27, while the lowest was reported in Taraba at N900.00.
Irish Potato
- Price Increase: The average price of Irish potatoes rose by 288.50 per cent, from N623.75 in June 2023 to N2,423.27 in June 2024.
Chicken Wings
- Price Increase: The price of chicken wings increased by 142.84 per cent, with an average price of N3,756.89 in June 2024.
Bread (Sliced and Unsliced, 500g)
- Price Increase: Sliced bread saw a year-on-year increase of 117.35 per cent, reaching an average price of N1,378.34. Unsliced bread increased by 117.19 per cent, reaching N1,289.13.
Catfish (Fresh and Smoked)
- Price Increase: Fresh catfish prices increased by 113.30 per cent, with an average price of N3,615.19. Smoked catfish saw a price increase of 82.45 per cent, reaching N3,739.52.
Methodology
The data was collected by over 700 NBS staff from all states of the federation, including the Federal Capital Territory (FCT), covering 774 local government areas and involving 10,000 respondents. The prices were verified by an audit team to ensure accuracy.
The report indicates significant inflationary pressures on food items across Nigeria, impacting consumers nationwide. These price increases are reflective of broader economic challenges, including supply chain disruptions and cost-push inflation.