 |
Rice, Garri, Beans, Other Food Prices in Nigeria Jump by Over 130% |
These price hikes occur against a backdrop of Nigeria's escalating headline and food inflation rates, which stood at 33.69 percent and 40.53 percent, respectively, in April.
In April 2024, the cost of rice, garri, beans, and yam in Nigeria soared by more than 130 percent compared to the previous year, exacerbating the country's economic difficulties.
This was revealed by the National Bureau of Statistics in its April selected food price watch, which is available on its website.
The report indicates that the price of a one-kilogram bag of rice went up by 155.93 percent to N1,399.34 in April 2024, up from N546.76 in April 2023.
On a month-to-month comparison, the price increased by 3.47 percent from N1,340.74 in March.
The average price for 1kg of garri rose by 134.98 percent year-on-year to N851.81 in April, from N362.50 the previous April.
Month-over-month, the price of garri increased by 13.59 percent from N749.89 in March 2024.
In a similar trend, the average price for 1kg of tomatoes escalated by 131.58 percent annually to N1,123.41 in April 2024, from N485.10 in April 2023.
The report also noted that on a monthly basis, the price of rice climbed by 17.06 percent from N959.68 in March 2024.
Additionally, the average cost for 1kg of brown beans surged by 125.43 percent year-on-year to N1,387.90 in April 2024, from N615.67 in April 2023, with a month-on-month increase of 12.44 percent.
The average price for 1kg of yam tuber also saw a significant increase of 154.19 percent year-on-year to N1,130.37 in April 2024, from N444.69 in April 2023.
From March 2024 to April 2024, the price rose by 5.76 percent from N1,068.78 to N1,130.37.
These price hikes occur against a backdrop of Nigeria's escalating headline and food inflation rates, which stood at 33.69 percent and 40.53 percent, respectively, in April.
Economic analysts attribute the spike in food prices to the dual policies of fuel subsidy removal and currency devaluation implemented by President Bola Ahmed Tinubu's administration.
At its 295th Monetary Policy Committee meeting, the Central Bank of Nigeria increased the interest rate to 26.25 percent. The bank's governor, Olayemi Cardoso, stated that the MPC's decision aims to curb inflation.
Conversely, Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise, has observed that previous rate increases by the CBN have not significantly influenced the nation's inflation trends.
