NBS report shows food prices stay high despite government measures

Despite the Nigerian federal government’s efforts to curb rising food costs, a new report by the National Bureau of Statistics (NBS) for July 2024 reveals that prices of many food items continue to surge.

This is despite recent announcements by the Minister of Agriculture and Food Security, Abubakar Kyari, who outlined several measures aimed at reducing food prices.

The federal government’s initiatives to address the issue included a 150-day duty-free import window for food commodities and the suspension of duties, tariffs, and taxes on specific imports such as maize, brown rice, wheat, and cowpeas.

However, the NBS report highlights that prices for some essential food items, including beans, garri, and eggs, have continued to rise on both a month-on-month and year-on-year basis, exacerbating economic hardship for many Nigerians.

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According to the report, the price of brown beans surged by 262.98 per cent on a year-on-year basis, reaching N2,444.81 per kilogram in July 2024, compared to N673.53 in July 2023. Additionally, on a month-on-month basis, the price increased by 6.63 per cent from N2,292.76 in June 2024.

Similarly, the cost of medium-sized agricultural eggs (12 pieces) rose by 92.3 per cent  year-on-year, from N1,006.64 in July 2023 to N1,935.69 in July 2024, with a month-on-month increase of 12.11 per cent from N1,935.69 in June 2024.

The price of 1kg of white garri also saw a significant increase, up by 167.98 per cent year-on-year, from N429.89 in July 2023 to N1,151.79 in July 2024, with a modest 1.43 per cent increase on a month-on-month basis.

While some food prices dropped on a month-on-month basis, they remain elevated compared to the previous year. For example, the price of tomatoes fell by 26.43 per cent to N1,693.83 per kilogram in July 2024, down from N2,302.26 in June 2024.

However, on a year-on-year basis, tomato prices surged by 203.57 per cent from N557.96 in July 2023 to N1,693.83 in July 2024. Similarly, the price of a 1kg yam tuber decreased by 10.82 per cent to N1,802.84 in July 2024 from N2,021.55 in June 2024 but increased by 234.23 per cent from N539.41 in July 2023.

The report also provided a state-by-state analysis of food prices in July 2024. Rivers State recorded the highest average price for 1kg of brown beans at N3,070.96, while Adamawa State had the lowest at N1,532.23.

Osun State saw the highest average price for 1kg of tomatoes at N3,000, while Kaduna State had the lowest at N761.45. For 1kg of yam tuber, Kwara State recorded the highest price at N3,894.08, while Adamawa recorded the lowest at N742.95. Gombe had the highest average price for 1kg of white garri at N1,624.72, while the lowest was reported in Taraba at N892.98.