The cost of essential food items like rice, garri, yam, and beans has increased drastically, rising by over 100% annually, causing distress among Nigerians.
According to the latest Selected Food Price Watch report for March 2024 by the National Bureau of Statistics, the surge in prices has hit alarming levels.
For instance, the price of 1kg of loose rice skyrocketed to N1,340.74, marking a substantial 152.93% surge from N530.08 in March 2023, and a monthly increase of 9.63% from N1,222.97 in February 2024.
Similarly, the average price of 1kg of white garri increased by 112.34% from N353.16 in March 2023 to N749.89 in March 2024, with a slight 3.66% monthly rise.
Furthermore, the price of 1kg of yam tuber surged by 141.25% from N443.02 in March 2023 to N1,068.78 in March 2024, a 5.87% monthly increase from N1,009.56 in February 2024 to N1,068 in March 2024.
State-specific data for March 2024 revealed that Niger State recorded the highest average price for 1kg of loose rice at N1,699.98, while Benue State had the lowest at N985.83.
When it comes to the average price of 1kg of brown beans (sold loose), Ondo State had the highest price at N1,596.68, while Sokoto had the lowest at N745.5. Ogun State reported the highest average price for 1kg of white garri at N1021.13, with the lowest recorded in Benue at N490.55. Edo State saw the highest average price for 1kg of yam tuber at N1,695.13, whereas Katsina had the lowest at N723.39.
This surge in food prices is occurring alongside alarming headlines and food inflation rates, standing at 33.20% and 40.01% in March 2024.