JUST- IN: Price Of Rice, Beans, Yam, Garri, Other Commodities Change DRASTICALLY; See Current Amount This Week
Despite a reported decrease in food inflation for July 2024, certain staple food prices in Nigeria continue to rise steadily. This trend is evident from a recent analysis of data from the National Bureau of Statistics (NBS), which reveals that the costs of essential items like beans, rice, yam, eggs, and garri increased in July, even as the overall inflation rate in the country showed a downward trend.
The NBS, in its latest ” Selected Food Prices Watch” report for July 2024, highlighted these price increases. For instance, the average price of 1kg of brown beans (sold loose) in July 2024 was N2, 444. 81. This figure marks a staggering 262. 98 percent increase on a year- on- year basis, compared to N673. 53 in July 2023. On a month- to- month basis, the price rose by 6. 63 percent, up from N2, 292. 76 recorded in June 2024.
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Other staple food items also saw significant price hikes. The cost of a dozen medium- sized agricultural eggs rose to N2, 170. 17 in July 2024, compared to N1, 006. 64 in July 2023. This represents a year- on- year increase of more than 115 percent. On a month- to- month basis, the price increased by 12. 11 percent from N1, 935. 69 in June 2024.
Similarly, the price of 1kg of tomatoes experienced a dramatic rise of 203. 57 percent on a year- on- year basis, from N557. 96 in July 2023 to N1, 693. 83 in July 2024. However, there was some relief on a month- to- month basis, as the price actually decreased by 26. 43 percent from N2, 302. 26 in June 2024.
Garri, another staple food, also saw a significant price increase. The average price of 1kg of white garri sold loose surged by 167. 98 percent from N429. 89 in July 2023 to N1, 151. 79 in July 2024. On a month- to- month basis, the increase was more moderate, at 1. 43 percent.
Yam prices followed a similar trend. The cost of 1kg of yam tuber increased by 234. 23 percent year- on- year, from N539. 41 in July 2023 to N1, 802. 84 in July 2024. However, the price decreased by 10. 82 percent on a month- to- month basis, from N2, 021. 55 in June 2024 to N1, 802. 84 in July 2024.
Nigeria continues to grapple with high food inflation, which has severely impacted the cost of living for its citizens. Despite government efforts to address these challenges, the rising prices of essential food items have exacerbated the financial burden on households across the country.
While there have been some gains in curbing overall inflation, the persistent increase in food prices remains a significant concern for Nigerians, who continue to feel the pinch of these economic pressures.
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