NBS Reports Fresh Increase In Prices Of Rice, Garri, Beans, Other Foods Prices (See New Prices)

Nigerian households are grappling with severe economic pressures, as the prices of staple foods such as rice, garri, beans, and yam have soared by over 130 per cent compared to the previous year, according to the latest data released by the National Bureau of Statistics (NBS).

Naija News reports that the NBS’s selected food prices watch for April 2024 reveals an alarming increase in food costs, highlighting a worsening economic landscape.

In April 2024, the price of a one-kilogram bag of rice jumped by an astonishing 155.93 per cent to ₦1,399.34 from ₦546.76 recorded in April 2023.

Similarly, the average price of 1kg of garri surged by 134.98 per cent year-on-year to ₦851.81.

This surge is not isolated to grains alone; the price of 1kg of yam tuber spiked by 154.19 per cent year-on-year to ₦1,130.37.

These significant increases in food prices occur in a context of rising general and food inflation, which stood at 33.69 percent and 40.53 percent, respectively, in April.

The NBS report attributes the sharp rise in food prices to a combination of factors, including the removal of fuel subsidies and the devaluation of the naira, policies enacted under President Bola Ahmed Tinubu’s administration.

Financial analysts and economists are raising concerns about the effectiveness of the government’s current monetary policies in curbing inflation.