Food Prices Surge by 31%: Ebonyi and Abia Lead the Way, Reports NBS

by Ella

In a stark revelation, food prices in Nigeria have surged by a staggering 31% over the course of 12 months, spanning from July 2022 to July 2023, with Ebonyi and Abia states experiencing the highest spikes. This revelation comes from an in-depth analysis of the ‘Selected Food Price Watch,’ a monthly report issued by the National Bureau of Statistics (NBS).

The report scrutinizes the prices of essential food items, including staples such as 1kg of rice, 1kg of beans, 500g of bread, tomatoes, beef, 2kg of wheat, 1kg of garri, and 1 bottle of palm oil.


Yam took the lead in the food price escalation, with a staggering 42% increase, soaring from N389.75 in July 2022 to N539.41 in July 2023. Not far behind, the price of 1kg of rice surged from N467.80 to N653.49 within the same 12-month period.


Similarly, the cost of palm oil saw a 35% hike, soaring from N890.67 to N1208.62 during the period under review. Other staple foods that contributed to the overall food price surge include garri (1kg) with a 33% increase from N323.17 to N429.89, and a 34% increase in the price of 500g of sliced bread, which climbed from N486.27 to N651.78.


The price of a kilogram of tomatoes (N446.81 to N557.96), 2kg of wheat (N1094.72 to N1419.14), and beef (N2118.84 to N2758.13) also registered significant price spikes during this period.


Further delving into the report, it becomes evident that South-Eastern states, led by Abia and Ebonyi, were most affected by the surge in food prices over the twelve-month span. Conversely, North Central states, including Kogi, Niger, and Benue, recorded the lowest food prices during the same period.

This alarming escalation in food prices has had a profound impact on inflation in Nigeria. The NBS reported that food inflation in August stood at 29.34%, a significant factor driving the headline inflation rate from 24.08% in July to 25.80% in August.

The NBS has identified various factors contributing to this rise in food inflation, including increases in the prices of oil and fat, bread and cereals, fish, fruit, meat, vegetables, potatoes, yam, other tubers, vegetable oil, milk, cheese, and eggs.

The soaring food prices pose a significant challenge to consumers and the economy at large, necessitating a comprehensive and strategic response to alleviate the burden on Nigerians.

Stay tuned as this issue continues to develop, impacting households and communities across the nation.



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