Important Surge in Meals Costs Throughout Nigeria – NBS Report

The newest meals worth watch from the Nationwide Bureau of Statistics (NBS) has proven a stark enhance in main staple meals costs throughout Nigeria, with double-digit rises noticed month-on-month.

Based on the NBS Food Price Watch, staple meals resembling Garri, Rice, Beans, Beef, and bread skilled worth hikes starting from 10% to as excessive as 25% between January and February 2024.

Rice costs noticed a mean increase of 19.69% for 1kg of free native rice, rising from N1,021.79 in January to N1,222.97 in February. 

This marks a big annual rise of 134.81%.

Equally, the typical worth of 1kg of brown beans (offered free) surged by 20.62% throughout the identical interval, from N976.58 to N1,177.9. 

On an annual foundation, this displays a rise from N594.15 in February 2023 to the present worth.

The price of 1kg boneless beef rose by 10.22% month-to-month, from N3,315.78 in January to N3,654.56 in February 2024. 12 months-on-year, beef costs elevated by 49.41%.

Garri costs witnessed a staggering 109.16% enhance year-on-year, with the typical worth of free Garri white per kilogram leaping from N345.88 in February 2023 to N723.45 in February 2024, accompanied by a month-to-month enhance of 20.44%.

Yam costs additionally surged, with the typical worth per kilogram rising by 131.33% year-on-year, from N436.41 in February 2023 to N1009.56 in February 2024, representing an 11.93% month-to-month enhance.

Egg costs noticed a big rise of 58.21% year-on-year, with the typical worth of 1 medium-sized agricultural egg climbing from N88.03 in February 2023 to N139.28 in February 2024, experiencing a month-to-month enhance of 19.65%.

Moreover, the typical worth of a 500g sliced bread rose by 15.91% between January and February, from N904.02 to N1,047.86. Yearly, bread costs elevated by 89.48%.

These will increase in staple meals costs mirror persistently excessive ranges of inflation, with the inflation price reaching 31.70% in February 2024, accompanied by a meals inflation price of 37.92%. 

Regardless of efforts such because the Central Financial institution of Nigeria’s (CBN) rate of interest hike to 22.75%, the affect on inflation stays minimal, leaving many Nigerians grappling with hovering residing prices.