In a development that has further worsened the economic conditions of Nigerians, the prices of staple food items like beans, yam, tomatoes, potatoes and others have risen by more than 250 percent between June 2023 and June 2024.
This is according to the June Selected Food report released by the National Bureau Of Statistics (NBS) on Wednesday, July 24, 2024, in Abuja.
The report considered prices of staple foods, including garri, beans, tomatoes, yam and potatoes amongst others..
Apart from garri which increased by 181.66 percent, others increased by about 250 percent.
This development will further worsen the purchasing powers of Nigerians who are already on their knees with soaring cost of food items.
The NBS data showed that food prices not only increased on a year-on-year basis, but also on month-on-month basis.
According to specific food item analysis, one kilogram of garri (white) went up by 181.66 percent on a year-on-year basis from N403.15 in June 2023 to N1,135.51 in June 2024, while there was an increase of 1.86 percent on a month-on-month basis.
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Also, the price of 1kg of beans brown (sold loose) stood at N2,292.76, indicating a rise of 252.13 percent YoY from N651.12 recorded in June 2023.
Similarly, 1kg of yam tuber increased by 295.79 percent on a year-on-year basis from N510.77 in June 2023 to N 2,021.55 in May 2024.
On a month-on-month basis, it increased by 52.87 percent from N 1,322.36 in May 2024 to N 2,021.55 in June 2024.
Also, the price of tomatoes (1kg) increased Year-on-Year (YoY) by 320.67 percent to N2,302.26 in June 2024 from N547.28 in June of last year (2023).
The report added that there was also a notable price increase of Irish potato by 288.5 percent on a year-on-year basis from N623.75 in June 2023 to N2,423.27 in June 2024.
On a state-by-state level analysis, Lagos State recorded the highest price of 1kg tuber of yam at N3,376.54, while Adamawa recorded the lowest price at N1,100.00.
Gombe recorded the highest average price of 1kg Garri (white) sold at N1,619.27, while the lowest was reported in Taraba at N900.
This comes as June’s core and food inflation stood at 34.19 percent and 40.87 percent respectively.
By: Babajide Okeowo
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