See new prices for noodles, garri prices, beans other food prices

• A new report from Financial Derivatives Company has revealed that the prices of food items recorded mixed changes
• While the price of a carton of noodles rose by 26.32%, prices of other food items such as palm oil and rice dropped
• The National Bureau of Statistics' rebased inflation report showed a reduction in food item prices

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Prices of popular Nigerian food items in Nigeria have shown mixed movements, with traders increasing the cost of noodles and garri while lowering prices for palm oil and rice.

This is according to data published in Bismark Rewane's February 2024 presentation at the Lagos Business School (LBS) Breakfast Session.

Food prices are one of the major challenges facing Nigerian households. Photo credit: Bloomberg/contributor
Source: Getty Images

The presentation revealed that the price of a carton of noodles has surged by 26.32% to N9,600 from N7,600, the price at which it was sold in December 2024.

The FDC also revealed that the price of a 50kg bag of garri rose from N35,000 to N38,000, reflecting an 8.57% increase.

Other food items captured in the presentation include palm oil, rice, wheat, tomato,

Based on the FDC market survey, the price of palm oil has dropped by 13.64% to N9,500 from N11,000, the price at which it was sold in December during the festive period.

Additionally, the price of a 50kg bag of wheat has declined to N63,000 from N72,500 in December 2024, indicating a 13.10% decrease.

Another food item that saw a price reduction is rice, with a bag now selling for N100,000—a 9.09% decrease from N110,000 in December 2024.

The price of a bag of tomatoes also dropped by 44.44% to N25,000 from N45,000 in December 2024.

Nigerians hope President Tinubu and farmers can find a solution to the high cost of food items. Photo credit: Nurphoto
Source: Getty Images

Food prices with no change

Also, the report showed that the prices of beans, bread, eggs, and yams remained unchanged.

For beans, the FDC noted that traders continue to sell a bag at N100,000, while a crate of eggs is sold at N6,500, and the average price of a loaf of bread is N1,600.

Food Inflation crashes to 26%

The National Bureau of Statistics (NBS) on Monday released the first rebased Consumer Price Index (CPI) report.

This new report says Nigeria’s food inflation rate in January 2025 is down to 26.08%, from the 34.8% reported for December 2024.

The headline inflation rate is also down to 24.48%, the Core inflation rate is down to 22.59% while Urban and Rural inflation rates stand at 26.09% and 22.15% respectively.

Farm Produce Index is pegged at 10.50%

Bank announces new app for Nigerians to check food prices

Legit.ng reported that the Bank of Industry (BOI), owned by the Nigerian government, has launched a new app and website designed to provide real-time updates on food prices across eight states in Nigeria.

The bank hopes to provide price transparency to help Nigerians make purchasing decisions in the market.

The new website generates visual charts that provide analytics for predictions.

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Source: Legit.ng