FRESH Price For Rice, Other Food Stuffs Emerges; SEE Their Rate This Week Across The Nation
Rising food prices continue to weigh heavily on Nigerians as food inflation surged to 39. 93% in November 2024, according to the latest Consumer Price Index (CPI) report from the National Bureau of Statistics (NBS). This sharp increase, up from 32. 84% in November 2023, highlights the worsening economic conditions in the country. Headline inflation also climbed to 34. 6% in November, a slight rise from October’ s 33. 8%. Bauchi, Kebbi, and Anambra states were the most affected, recording food inflation rates of 46. 21%, 42. 41%, and 40. 48%, respectively.
The NBS report identifies the increasing cost of staple foods such as yam, cocoyam, water yam, and potatoes as the primary drivers of food inflation. Prices of grains like maize, guinea corn, and rice have also risen significantly. Other commonly consumed items, including palm oil, vegetable oil, goat meat, powdered milk, dried beef, frozen chicken, and dried catfish, have followed a similar upward trend.
For example, the popular Jollof Index by SBM Intelligence revealed that the cost of preparing a pot of jollof rice for a family of five has surged to ₦21, 300, significantly higher than in previous months. Chicken and egg prices have also spiked, with industry experts attributing the increase to a 250% rise in chicken feed costs over the past year, driven by shortages of soy and wheat.
Bauchi, Kebbi, and Anambra states are experiencing the harshest effects of food inflation, where the cost of staples has nearly doubled in some cases. A 50kg bag of rice, which previously sold for around ₦38, 000, now costs as much as ₦54, 000 in several areas. Similarly, a medium- sized tuber of yam that once cost ₦800– ₦1, 000 now sells for ₦1, 500– ₦2, 000.
The worsening inflation is expected to make the festive season difficult for many Nigerians. Rising costs of basic food items mean that preparing holiday meals will be unaffordable for a significant number of households. Analysts predict that prices will continue to climb as traders struggle to manage production costs and maintain profitability.
The persistent inflation has eroded purchasing power, leaving families grappling with increased financial strain. Experts are calling for urgent policy measures to stabilize prices and boost local food production. Without decisive action, the rising cost of living could have far- reaching consequences for the Nigerian economy and its citizens’ well- being.
