The National Bureau of Statistics (NBS) has sounded the alarm on the escalating prices of essential food items across Nigeria. According to the NBS’s Selected Food Prices Watch report for February 2024, released in Abuja on Saturday, the nation is grappling with a significant surge in the cost of basic food commodities.
This surge paints a grim picture of economic strain for households already grappling with high inflation and rising living costs.
The report unveils a concerning trend, indicating substantial year-on-year and month-on-month increases in the prices of various food staples, including beef, rice, beans, onion, white garri, yam, and bread. The statistics presented by the NBS shed light on the severity of the situation, with percentages that underscore the magnitude of the price hikes.
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The average price of boneless beef has seen a staggering increase of 49.41 percent from February 2023 to February 2024, reaching a new high of N3,654.56 per kilogram. On a month-to-month basis, this essential protein source surged by 10.22 percent in February alone, intensifying the burden on consumers already grappling with financial strain.
“On a month-on-month basis, 1kg of boneless beef increased by 10.22 percent in February from the N3,315.78 recorded in January 2024,’’ the report said.
Similarly, the cost of local rice has skyrocketed by 134.81 percent year-on-year, with a notable month-on-month increase of 19.69 percent. This surge has propelled the price of 1kg of local rice to N1,222.97 in February 2024, posing significant challenges to households reliant on this staple for sustenance.
“On a month-on-month basis, 1kg of local rice increased by 19.69 per cent from the N1,021.79 recorded in January 2024,” the report said.
Brown beans have not been spared from the inflationary onslaught, experiencing a staggering 98.25 percent year-on-year increase and a 20.62 percent month-on-month surge. With the price soaring to N1,177.93 per kilogram, consumers are forced to contend with the harsh realities of diminishing purchasing power.
The report also highlights the exponential rise in the prices of onion bulbs, white garri, yam tuber, and sliced bread, further exacerbating the financial strain on Nigerian households.
According to the NBS, the average price of 1kg of onion bulb rose by 103.44 percent on a year-on-year basis from N450.07 in February 2023 to 915.61 in February 2024. In addition, the average price of 1kg of yam tuber rose by 131.33 percent on a year-on-year basis from N436.41 recorded in February 2023 to N1009.56 in February 2024.
“On a month-on-month basis, 1kg of white garri increased by 20.44 per cent from N600.69 recorded in January 2024 to N723.45 in February 2024,” it said.
These escalating prices paint a dire picture of food insecurity and economic instability, raising concerns about the government’s ability to address the root causes of inflation and mitigate its adverse effects on the populace.
The state-wise analysis provided by the NBS notes the widespread nature of the food price crisis, with disparities evident across different regions of the country. From Abia to Kogi, Niger to Borno, and Nasarawa to Sokoto, each state grapples with its unique set of challenges, further complicating efforts to alleviate the burden on consumers.
The regional breakdown reveals stark variations in food prices, with the South-East emerging as one of the hardest-hit regions, particularly concerning the cost of boneless beef. Conversely, the North-West records relatively lower prices for essential commodities, offering some respite amidst the prevailing economic turmoil.
The NBS report is believed once again to serve as a clarion call for urgent intervention to address the underlying factors driving food inflation in Nigeria. Soaring prices underlines the urgent need for concerted efforts by the government, policymakers, and stakeholders to implement sustainable solutions that safeguard the welfare of the populace and ensure access to affordable and nutritious food for all Nigerians.
Civil society organizations are urging the federal government to prioritize agricultural investment as a strategic imperative for mitigating food insecurity and promoting economic resilience.
With the stakes higher than ever, Nigeria stands at a crossroads, where decisive action is imperative to steer the nation away from the brink of a full-blown food crisis.