- The National Bureau of Statistics says the average price of food rises by 97 per cent in one year
- The NBS report showed the variations in the food price increase in different regions of the country
- The increase is driven by factors such as insecurity, the impact of climate change, high transportation costs, and naira depreciation
The average price of food in Nigeria increased by 97 per cent year-on-year from November 2023 to 2024.
According to the latest Selected Food Price Watch for November 2024 published by the National Bureau of Statistics (NBS), the average cost of food rose from N1,449.57 in November 2023 to N2,862.14 in November 2024.
The report stated that on a month-on-month basis, the price of food rose by 3.7 per cent from the N2,758.60 recorded in October 2024.
The NBS surveyed the prices of 44 food items, including beans, beef, bread, catfish (obokun), dried fish, frozen chicken, garri, groundnut oil, Irish potato, rice, and others.
The NBS data read, “The average price of 1kg beans brown (sold loose) stood at N2,720.96. This indicates a rise of 224.37 per cent in price on a year-on-year basis from N838.85 recorded in November 2023 and a drop of -2.77 per cent on a month-on-month basis from N2,798.50 in October 2024.
“Agric eggs medium size (12 pieces) experienced significant price increases year-on-year by N135.74 per cent from N1,202.18 in November of last year (2023) to N2,833.97 in November 2024.
“On a month-on-month basis, the average price of this item rose by 6.08 per cent from N 2,671.60 in October 2024. There was also a notable price increase of onion bulb by 174.65 per cent on a year-on-year basis from N683.78 in November 2023 to N1,878.00 in November 2024.”
Food prices increase by region
The report noted that the average price of food price varied across the country in November 2024, with some regions witnessing higher food prices than others.
According to the report, the South-East region had the highest surge in food prices at N3,366.41, followed by the South-South region at N3,121.16.
The South-West region came third at N2,997.31, followed by the North-Central region at N2,706.24.
The average food price stood at N2,638.28 in the North-East region, while the North-West region recorded the lowest average food price at N2,511.86.
Factors driving the food price increase
The increase in food prices in November 2024 is attributed to a combination of factors which have increased inflationary pressures.
These factors include insecurity in most food-producing regions of the country, which continue to disrupt farming activities and food supply chains, and severe weather conditions such as flooding, heat waves, etc., caused by climate change.
Other factors are the increasing cost of transportation as a result of the fuel subsidy removal and the depreciation of the naira, which has increased the cost of importation of essential items.
Inflation: Nigerians to spend 54.9% income on food in next 6 months, projects CBN
Meanwhile, TheRadar earlier reported that a survey by the Central Bank of Nigeria (CBN) revealed that the escalating inflation rate in Nigeria is expected to lead households to dedicate the largest portion of their earnings to food expenses over the next six months.
The survey, conducted from July 22 to 26, 2024, revealed that the inflation rate has surged to 33.40 per cent, with food inflation exceeding 40 per cent.
