EconomyFood

Inflation: Christmas Meals in 2023 Cost 53% More

Prices of Popular Food Items Have Risen by 53% Since 2022 Christmas

 

A kilogram of chicken wings went up 37% from N1382 to N1,900, while chicken feet went up almost 50% from N1,073 to N1600 in the same period. The prices of all chicken parts have developed wings !

 

Christmas in Nigeria comes with a rise in the price of popular food items that Nigerians buy for their Christmas meals as traders seek to profit from increased demand for the items. Rising inflation in Nigeria has meant that Nigerians shopping for Christmas have paid 53% more for the same food items than they paid in December 2022.

We curated a comparison of major Christmas shopping food items and this is what the YoY difference looks like.

In December 2022, NBS reported that 1kg of imported high-quality rice cost 724.41, while the local equivalent sold between N506 and N590 per kg. As of December 2023, the same 1kg of foreign rice cost between 1100 to 1300, while 1kg of local rice cost between N850 and N900. This means that within a year, the price of rice increased by 66% and 54% respectively for foreign and local.

inflation in Nigeria has affected Christmas shopping
Prices of items have risen by 53% since last Christmas

Even if rice may be the major food item for the season, it doesn’t end there. If you cooked frozen chicken in your house this year, you must have spent at least 30% more, as the price of 1kg of frozen chicken has gone from about N2600 in December 2022, to N3500 in December 2023. Even those who opted for chicken wings and chicken feet are not left out of this inflation. A kilogram of chicken wings went up 37% from N1382 to N1,900, while chicken feet went up almost 50% from N1,073 to N1600 in the same period. The prices of all chicken parts have developed wings !

Also Read: Food Inflation in Nigeria: How Families Are Adjusting 

Beef is also impacted by inflation in Nigeria. Between December 2022 and December 2023, the price of 1kg of boneless beef has gone from N2,377.29 to a minimum of N3,000 in October 2023.

Cooking gas may have the highest price increase having gone from 600 per kg in December 2022 to 1300 per kg in December 2023, translating to over 100% price increase. Meanwhile, the cost of kerosene has only gone up about 18% in the same period, from about 1100 in 2022 to a minimum of N1300 in December 2023. Never mind that the NBS data shows that just 20 months ago in March 2022, the same item sold at an average of N564 per litre.

Inflation In Nigeria has made food items unaffordable for many Nigerians
Many Nigerians could not afford to buy their favourite food items this Christmas

Other ingredients like Tomato and onions have also increased in price by up to 53% and 72% respectively, as can be seen in the table. It is also public knowledge that the price of every other food item has gone up within the period.

Also Read: Nigeria’s Inflation Problem is Getting “Targeted”

One liter bottle of unbranded vegetable oil sold in the market has also gone all the way from the N1,024.13 NBS reported in December 2022 to about N1,600 in December 2023, a 56% increase YoY.

While this report focuses on major food items popular for the Christmas season, the price increase is across every food item as inflation in Nigeria deepens. An average of all the price increases shows that families will spend at least 53% on their budget for Christmas meals in 2023 when compared to 2022.

Note: Apart from the previous prices reported by the NBS, current prices were sourced from market survey of some major markets in Lagos state and FCT.

Ruth Imafidon

Ruth Okwumbu-Imafidon has built a decade-long portfolio across news reporting, economic analysis, corporate stories and biographies. Ruth enjoys reading, storytelling and listening to good music. She enjoys in-depth discussions around political and socio-economic issues. You can follow Ruth on X via https://twitter.com/Okwumbu_RuthAnn More »

Related Articles

Back to top button
Arbiterz

Subscribe to our newsletter!

newsletter

Stay up to date with our latest news and articles.
We promise not to spam you!

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

Arbiterz will use the information you provide on this form to be in touch with you and to provide updates and marketing.