In April 2024, the prices of rice, garri, beans, and yam skyrocketed by over 130% on a year-on-year basis, exacerbating Nigeria’s economic distress.
The National Bureau of Statistics revealed these alarming figures in its report on selected food prices for April, recently published on its website.
According to the data, the price of a one-kilogram bag of rice surged by 155.93% to N1,399.34 in April 2024 from N546.76 in April 2023.
Additionally, the report indicated a 3.47% month-on-month increase, with the price rising from N1,340.74 in March.
Similarly, the average price of 1kg of garri jumped by 134.98% year-on-year to N851.81 in April, compared to N362.50 in the same month last year.
On a monthly basis, the average price of garri increased by 13.59%, reaching N749.89 in March 2024.
Likewise, the average price of 1kg of tomatoes rose by 131.58% annually to N1,123.41 in April 2024 from N485.10 in April 2023.
The report also noted a monthly increase of 17.06% from N959.68 in March 2024.
Moreover, the average price of 1kg of brown beans surged by 125.43% year-on-year to N1,387.90 in April 2024 from N615.67 in April 2023, with a monthly increase of 12.44%.
Additionally, the average price of 1kg of yam tuber increased by 154.19% annually to N1,130.37 in April 2024 from N444.69 in April 2023. On a monthly basis, it rose by 5.76% from N1,068.78 in March 2024 to N1,130.37 in April 2024.
This surge occurs amidst the ongoing increase in Nigeria’s headline and food inflation rates, which reached 33.69% and 40.53% in April, respectively.
Economic experts attribute the rise in food prices to the policies of President Bola Ahmed Tinubu’s administration, particularly the removal of fuel subsidies and naira devaluation.
During its 295th Monetary Policy Committee meeting, the Central Bank of Nigeria raised the interest rate to 26.25%. The CBN Governor, Olayemi Cardoso, stated that this decision aims to combat inflation.
On the other hand, Muda Yusuf, the Director of the Centre for the Promotion of Private Enterprise, expressed skepticism regarding the historical impact of the CBN’s previous interest rate hikes on the country’s inflation rates.