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Tag: food inflation

  • Food inflation still hard nut to crack

    Food inflation still hard nut to crack

    The soaring prices of food stuff has continued unabated despite a raft of policy measures initiated by the federal government to rein in the hydra-headed monster, reports Ibrahim Apekhade Yusuf

    When will the prices of food stuff ever come down?” lamented a buyer in a fit of hysteria on Friday as she struggled to purchase some food items at a makeshift market at Ayobo-Ipaja, an uptown district in Lagos.

    Another buyer at a grocery store somewhere in Mushin axis of Lagos state, who simply identified herself as Adebimpe and where the correspondent was within earshot, also narrated how she has been faced with the burden of managing her meagre allowances for housekeep which is hardly enough to get the basic necessity.

    “My husband and I have been struggling month to month to take care of our small family of four. Every month, the prices of food stuff we buy keep rising such that we are forced to cut down the ration we serve as food these days. Now it’s no longer a question of balanced diet but to just get something into the stomach especially for the kids,” she said with pent up frustration.

    The foregoing anecdotes mirror the frustration of Nigerians over the biting economic crunch occasioned by the spiralling inflation and rising standard of living in the country today.

    It’s the economy stupid!

    According to the June Selected Food report released by the National Bureau of Statistics (NBS) on Wednesday, July 24, 2024, in Abuja, which considered prices of staple foods, including garri, beans, tomatoes, yam and potatoes amongst others, it noted that the food inflation has gotten terribly badly for much longer that the consumers have had to bear the brunt for the most part.

    An estimated 90 million Nigerians suffering from severe outcomes of insufficient food consumption as at December 2023, judging by the increase in food importation at a staggering 80 per cent increase from 2019-2023.

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    In 2023 food imports for Nigeria was 10.7 %. Though Nigeria food imports fluctuated substantially in recent years, it tended to increase through the 1962 – 2023 period ending at 10.7 % in 2023, according to food import statistics from the NBS.

    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.

    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.

    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.

    Timeline of inflationary trends

    According to data obtained from the NBS, Nigeria’s headline inflation rate rose to 34.19 percent in June. This was up from the 33.95 percent recorded in May.

    In May 2024, Nigeria’s headline inflation hit a fresh 28-year high, as it rose by 26bps for the 17th straight month to 33.95% y/y, representing a modest increase compared to the 49bps rise to 33.69% y/y recorded in the previous month. However, when compared with the 22.41% rate in May 2023, the headline inflation worsened by 11.54%.

    The latest figures came amid a further rise in food and fuel prices, increase in electricity tariffs and currency weakness. So far in 2024, headline inflation has averaged 32.49% from 22.20% in H1:23 and 24.52% in FY:23.

    Food inflation accelerated to 40.66% year-on-year in May 2024. This was an increase of 15.84 when compared with the rate of 24.82% recorded in May 2023. The increase was attributed to the rising prices of most staple food items such as Semovita, Oakflake, Yam flour package, Garri, Beans, Iris Potatoes, Yam, Vegetable Oil, Fish, Meat, etc.

    The core inflation rate, which excludes farm produce and energy, surged by 20bps to 27.04% year-on-year in May. The higher core inflation reading was because of increased prices for items such as passenger transport by road, housing rentals, X-ray photography, pharmaceutical products, accommodation, and medical services.

    The month-on-month inflation reading decelerated for the third straight month to 2.14% in May 2024. The sustained moderation of the month-on-month inflation reading aligns with Cowry’s expectation for a gradual deceleration in the country’s headline inflation from mid-year because of the onset of high base effects.

    The Bureau stated in the Consumer Price Index (CPI released in Abuja, recently, the outcome left a lot to cheer about.

    The CPI is the tool used in measuring the rate of change in prices of goods and services.

    According to the figures, the June figure is 0.24 percent higher than the 33.95 per cent recorded in May.

    The lowest figure in 2024 was 29.90 per cent recorded in January.

    On a year-on-year basis, the headline inflation rate was 11.40 percent points higher compared to the rate recorded in June 2023, which was 22.79 percent.

    “This shows that the headline inflation rate (year-on-year basis) increased in the month of June 2024 when compared to the same month in the preceding year (i.e. June 2023),” the NBS said.

    The Bureau also said on a month-on-month basis, the headline inflation rate in June was 2.31 percent, which was 0.17 per cent higher the 2.14 percent in May.

    A raft of policy measures to rein in inflation

    In a move aimed at curbing rising inflation, the Central Bank of Nigeria (CBN) has raised its benchmark interest rate, the Monetary Policy Rate (MPR), to a record high of 26.75%.

    This represents a 150 basis point increase from the previous rate of 24.75%, marking the third consecutive hike this year.

    CBN Governor, Olayemi Cardoso, announced this after the apex bank’s 296th Monetary Policy Committee (MPC) meeting in Abuja last Tuesday.

    The decision comes against the backdrop of “historic high inflation levels,” according to Cardoso. Recent figures show inflation hovering around 33.69% in April 2024. The inflationary pressures are attributed to a combination of factors, including the removal of fuel subsidies and the floating of the Nigerian Naira.

    To combat inflation, Cardoso said the CBN has continued to maintain its hawkish stance, hiking interest rates by a combined 750 basis points to 26.25 percent. The CBN is dishing out inflationary targeting measures to rein in inflation to 21 percent by the end of 2024.

    The CBN’s strategy is to make borrowing more expensive, thereby discouraging spending and ultimately reducing demand in the economy. This, in theory, should help to cool down inflation. However, such a high interest rate can also have negative consequences, such as slowing down economic growth and making it more expensive for businesses to access loans for investment.

    The effectiveness of this aggressive rate hike remains to be seen. Analysts will be closely monitoring key economic indicators in the coming months to gauge its impact on inflation and economic activity.

    This decision by the CBN is likely to be a major talking point in Nigeria, with citizens grappling with the rising cost of living. The success of the bank’s efforts to combat inflation will be crucial for ensuring economic stability and fostering long-term growth.

    Cardoso in the CBN’s debut outlook entitled, ‘Macroeconomic Outlook: Price Discovery for Economic Stabilisation,’ released last Thursday said the CBN would extend its monetary policy tightening stance to tame the rising inflation.

    “To mitigate some of the risks and address existing imbalances, it is imperative to intensify monetary tightening to subdue inflation risk, sustain reforms to strengthen the foreign exchange market, and tackle security issues around the food-belt and oil installations,” he said.

    While inflation rates are easing in the USA and China, Nigeria’s inflation rates continue to rise with no positive projection yet on when it will peak and start to ease.

    The headline inflation in Nigeria rose to 34.19 percent in June 2024 from 33.95 percent in May 2024, driven by food and non-alcoholic beverages, NBS disclosed.

    Food prices in June increased to 40.87 percent from 40.66 percent in May on a year-on-year basis, implying a 0.21 percent rise. The inflationary surge, particularly in food prices, poses a significant challenge to the economic well-being of Nigerians.

    “We project inflation will moderate to 26.72 percent by year-end, averaging 30.96 percent for FY 2024,” analysts at CSL Stockbrokers said in an outlook report.

    They added that, “In H2 we expect to see a moderation in headline inflation rates due to base effect and the decelerating impact of energy and currency pressures.

    “We believe that the expected executive order for a six-month suspension of import duties on staple food items, drugs, and other essential items will further contribute to the anticipated decline in the nation’s Headline Inflation rate,” CSL said.

    Similarly, analysts at Meristem Research said: “The price-moderating effect of harvest supplies, the expected reduction in FX volatility, the government’s all-season plantation scheme, distribution of farm inputs, and the AFDB’s $2.90 billion intervention and the waning impact of structural reforms should also result in a decline in the pace of growth.”

    Light at the end of the tunnel

    The Nigerian economy is expected to grow further in the second half of 2024 largely on the back of increased production in the oil sector, analysts say.

    Speaking at the 2024 mid-year economic review and outlook hosted by the Lagos Chamber of Commerce and Industry (LCCI), Bismarck Rewane, CEO of Financial Derivatives Company Limited, said there are silver linings, flickering hope for the second half (H2) of the year.

    “Oil prices averaged $83 per barrel (pb) in the first half (H1), and will remain above $80pb in H2. There is hope for improvement in the second half. In H1, the economy performed below expectations and will require a minimum growth of four percent in the next three quarters to meet the target of 3.88 percent GDP set by the Federal Government in the 2024 budget,” he said.

    “The economy underperformed the expectations for H1. Economic growth in the first quarter at 2.98 percent is less than the government benchmark of 3.88 percent. Real gross domestic product (GDP) has to grow at least 4 percent in the next three quarters to meet the target,” Rewane noted.

    Analysts at CardinalStone Research in their outlook for H2 are optimistic that the economy will expand by 3.3 percent year-on-year in 2024 compared to 2.74 percent in 2023.

    “This growth will be mostly anchored on the oil sector’s performance aided largely by a low base effect and a modest increase in average oil production to 1.57Mb/d from 1.43Mb/d in 2023,” the report said.

    CSL disclosed that weak capital inflows will likely keep the Naira pressured ahead of the next MPC decision on Tuesday, prompting the board to implement a final rate hike of 50-100 basis points (bps) for the year.

    However, Meristem thinks that the FX stability will largely influence the direction of monetary policy rates.

    “We opine that the MPC cannot afford to implement a rate hike despite the expected decline in headline inflation (due to base effect) stating a 100bps cut in rate could result in as much as a 20-30 percent increase in the exchange rate and further stoke inflationary pressures,” Meristem said.

    While reviewing the economic outlook for the first half of the year, Mr. Johnson Chukwu the founder of Cowry Asset Management Group, who spoke at a webinar in Lagos, recently, said that Nigeria’s economy decelerated its growth rate to 2.98% in real terms in Q1 2024, down from Q4 2023 rate of 3.46% but higher than Q1 2023 growth rate of 2.31%.

    “This marks the 14th consecutive quarter of economic expansion since the exiting recession in 2020. Q1 2024 economic performance was driven by growth recorded by the services sector, which grew by 4.32% and contributed 58.04% of the GDP. Nigeria’s economic performance was dampened by sluggish performance in the agriculture sector, which accounted for 21% of the GDP but grew by only 0.18% in Q1 2024 on the back of security challenges,” he said.

    Nigeria’s growth, he said, has been forecast to remain subdued in the near term as the combined effects of heightened insecurity, infrastructural deficit, particularly energy, high interest cost, volatile exchange rates and low consumer demand will continue to constrain productivity in the economy, in the near future.

    It was not all woes in the first half.

    According to him, “The oil sector grew by 5.70% year on year in Q1 2024, down from 12.11% in Q4 2023. On a quarter-on-quarter basis, it recorded a growth rate of 13.77%, contributing 6.38% to the total real GDP in Q1 2024, up from Q1 2023 and Q4 2023 levels. The non-oil sector grew by 2.80% in real terms, driven by Financial and Insurance services, Information and Communication, Trade, and Manufacturing. This growth was slightly higher than Q1 2023 but lower than Q4 2023.

    “The services sector grew by 4.32% and contributed 58.04% to the aggregate GDP, led by strong activities in finance and insurance, information and communication, and Fintech investments. The agriculture sector grew marginally by 0.18%, though a recovery from a decline of -0.90% in Q1 2023. However, its contribution to GDP decreased compared to Q1 2023 and Q4 2023.”

    The industry sector grew by 2.19%, up from 0.31% in Q1 2023, propelled by manufacturing, water supply, construction, trade, and entertainment sectors.

    Interestingly, capital importation into Nigeria saw a remarkable increase of 198.06% year on year, reaching $3.376billion in the first quarter of 2024, up from $1.13 billion in the same period of 2023. This also indicates a 210.16% quarter on quarter rise from $1.09 billion in the last quarter of 2023. This is the highest inflow recorded since the pandemic era ($5.85 billion in Q1 2020).

    “Portfolio Investment ranked highest with $2.08 billion, accounting for 61.48% of the total capital inflow during the period. Investors took advantage of the high-interest rate environment, with investment of $1.61 billion in money market instruments and $420.8 million in bonds became the attractive offer of Treasury Bills at coupons as high as 21.49% in March 2024.”

  • Strategies to cope with biting food inflation

    Strategies to cope with biting food inflation

    Hunger is one of the most urgent issues facing Nigerians. Due to rising food costs, declining purchasing power and rising rates of poverty brought on by the nation’s economic crisis, it is becoming more and more difficult for many people and families to obtain wholesome food.

    Millions of Nigerians now battle on a daily basis to survive hunger. 

    Here are some tips for coping with hunger in this challenging economy:

    1. Make a meal plan:

    A vital first step in controlling your appetite and maintaining your nutrition during Nigeria’s economic downturn is meal planning. You may stretch your food budget, guarantee nutritional balance, save time, and lessen stress by making a meal plan.

    To begin with, essing your resources, inventorying your refrigerator, pantry, and spending limit; after that, create a meal plan that involves arranging meals for a week or two at a time. Include staple foods like rice, beans, and plantains as well as reasonably priced protein sources like fish, eggs, and beans in your meal plan. Incorporate an assortment of vibrant fruits and vegetables to guarantee vital elements.

    Keep an open mind and modify your plan as necessary to account for changes in your budget or schedule. Don’t forget to account for leftovers. Meal planning will help you feel more in control of your hunger and nutrition, as well as less stressed and anxious. It will also give you a sense of security and consistency. 

    2. Prepare food in large quantities:

    Another useful tactic for overcoming hunger in Nigeria’s economic downturn is to cook in large quantities. You can extend your food budget, save time, and cut down on food waste by cooking in bulk. Make large batches of stews, soups, or jollof rice so you can reheat them for multiple meals.

    This method also lets you purchase ingredients in large quantities, which lowers expenses and guarantees a consistent supply of food.

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     3. Look for less expensive options:

    A key tactic for overcoming hunger in Nigeria’s economic turmoil is looking at reasonably priced alternatives. Food prices are rising, so it’s critical to identify less expensive options that don’t sacrifice key nutrients.

    Think of inexpensive protein sources, such as eggs, which are frequently less expensive than meat. Affordable and filling staples like rice plantains are also available. Local components are also frequently less expensive than imported ones, such as cassava and sweet potatoes.

    People can lower their food costs and improve their access to wholesome food by investigating these reasonably priced options. 

    4. Stay hydrated:

    Continue to drink water It’s critical to stay hydrated since water helps quell desires for junk food and stifle hunger. By lowering the need for pricey beverages, drinking water throughout the day can also help cut down on food expenses. Another good technique to deal with hunger is to grow your own food. You don’t need to purchase fresh, wholesome produce if you grow fruits and veggies in your backyard or even on your windowsill. 

    5. Grow your own food:

    Plant a vegetable garden One powerful approach to take charge of your diet and lessen your reliance on pricey grocery stores is to grow your own food.

    By growing vegetables and fruits in You may have fresh, wholesome vegetables without having to buy it in your backyard or even on your windowsill. By doing this, you can also maintain quality control over your food, making sure that it is devoid of dangerous chemicals and pesticides.

    You may feel proud of your capacity to support your family and yourself by cultivating your own food, which can also be a joyful and fulfilling experience. 

    6. Be mindful of food waste:

    Take food waste seriously Considering food waste is another essential tactic for overcoming hunger in Nigeria’s economic downturn. It’s critical to maximise the amount of food you have and refrain from throwing away leftovers or spoilt food because food prices are rising.

    Making a food plan and utilising leftovers You can further extend your food budget and cut down on food waste. Food waste can also be composted to create nutrient-rich soil for your garden, which can lower the need for pricey fertilisers and establish a sustainable food production loop.

    People can lower their food costs, improve their access to wholesome food, and strengthen their ability to withstand economic volatility by using these tactics.

    Coping with hunger in Nigeria’s economic storm requires a combination of strategies that address food affordability, accessibility, and sustainability.

    By planning meals, cooking in bulk, exploring affordable alternatives, staying hydrated, growing your own food, and being mindful of food waste, individuals can reduce their food expenses, increase their access to nutritious food, and build resilience in the face of economic uncertainty.

    These strategies not only help individuals and families navigate the current economic challenges but also promote sustainable food systems, support local economies, and foster a sense of community and self-sufficiency. 

  • Urgent action needed to address food inflation

    Urgent action needed to address food inflation

    Sir: According to the Nigerian Bureau of Statistics, “In April 2024, the food inflation rate reached 40.53 per cent on a year-on-year basis, marking a substantial increase of 15.92 percentage points from the 24.61 per cent recorded in April 2023.”

    People across the length and breadth of the country have adopted (and are adopting) various strategies to cope with soaring food prices. It’s a picture that should worry everyone.

    A simple scan of households reveals that many families are shifting from more expensive food items to cheaper, less nutritious alternatives. This often means reducing protein intake and relying more on carbohydrates. This is inadvertently compounding the nation’s protein deficiency woes.

    Reports indicate that some households are reducing the number of meals they consume daily. Instead of three meals, many now eat just once or twice a day. Take a closer look at your driver, security guards and other domestic staff today, do their necks appear thinner?

    Fortunately, community support appears to be on the rise. This refers to informal community networks that play a crucial role in augmenting family meals. It can be neighbours or extended families sharing food and resources to provide a buffer against acute shortages.

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    There is an increased reliance on street food. Street food vendors, offering relatively affordable meals, have become an essential part of daily sustenance for many urban poor. They are a good reason many people are surviving. They provide a life-giving service.

    Many people have equally resorted to the time-honoured pattern of borrowing money or buying food on credit from local vendors. While this ensures people can live to fight another day, it equally perpetuates the cycle of debt.

    It is time to mitigate the adverse effects of food inflation. The government, the major driver of inflation through its policies, must now take several urgent measures to help curb it and provide immediate and long-term relief to Nigerians.

    The government must provide food subsidies. I believe that implementing subsidies for essential food items and controlling prices can help make basic foods more affordable. Subsidies on fertilizers and seeds can also reduce production costs for farmers.

    Two, it needs to urgently strengthen food security programs. This includes expanding food aid programs and school feeding schemes that can ensure that vulnerable populations, particularly children, receive adequate nutrition.

    Three, agricultural support initiatives must be pursued relentlessly including security. There are several states where farmers can’t go to farm because of fear of bandits and kidnappers. The government must stop treating the security situation with kid gloves.

    In line with the first point, emergency relief funds should also be on the card. Establishing emergency relief funds to support households in dire need can provide immediate financial assistance to purchase food. The Lagos State government, earlier in the year, spoke of a mass resident feeding program through local bukas. Who knows how that initiative is progressing?

    I’ll be the first to admit that the government cannot possibly do everything by itself.

    Private organisations also have a vital, even if, complementary role to play in addressing the food crisis.

    Companies can launch CSR programs focused on food distribution, nutritional education, and support for local agriculture. They can, in addition, collaborate with non-governmental organisations (NGOs) to fund and implement food relief projects to expand the reach and impact of aid efforts.

    The food inflation crisis is real. The hunger in the land is pervasive. The government cannot afford to pay lip service to the situation. Concrete action is required, urgently.

    While the government take the lead in implementing policy measures to stabilize food prices and support agricultural production, private organisations can play a significant role in providing immediate assistance and promoting sustainable solutions. By working together, we can help mitigate the impact of food inflation on the most vulnerable populations and ensure food security for all citizens.

    •Elvis Eromosele, elviseroms@gmail.com

  • FG rolls out plans to tackle food inflation

    FG rolls out plans to tackle food inflation

    The Federal Ministry of Water Resources and Sanitation has rolled out strategic plans to tackle the rising cost of food in the country.

    Permanent Secretary of  FMWRS, Shehu Aliyu in his address at the 30th meeting of the National Technical Committee on Water Resources and Sanitation, (NTCWRS) expressed concerns over issues bedevilling water resources and food security.

    Shehu recalled that the Federal Government recently declared a State of Emergency on Food Security to tackle food inflation in line with the Renewed Hope of the present administration.

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    The Perm Sec stated that all matters relating to food and water availability and affordability as essential livelihood items, be included within the purview of the National Security Council.

    According to him: “There is neefd for an urgent synergy between the Federal Ministry of Agriculture and Food Security with the Federal Ministry of Water Resources and Sanitation to ensure adequate irrigation of farmland and to guarantee that food is produced all year round.

    “Engage our security architecture to protect the farms and the farmers so that farmers can return to the farmlands without fear of being attacked.

    “The twelve (12) River Basin Development Authority (RBDAs) ensure the planting of crops during the dry season with irrigation schemes that will guarantee continuous farming production all year to stem the seasonal glut and scarcity.

    “The need to cultivate 500,000 hectares of farmland nationwide to grow maize, rice, wheat and other staple crops.”

    He informed  the Ministry has introduced the three flagship programmes namely: Water for Expanded Irrigation Agriculture Programme (WEIRPRO), Partnership for Expanded Irrigation Programme (PEIRPRO) and River Basin Strategy for Poverty Alleviation. (RS-SPA).

    Shehu explained that the above-named programmes have kick-started with the launch of the dry season farming covering a total of 120,000 hectares of land in Jigawa State in November 2023 by the Federal Government in collaboration with Jigawa State under the National Wheat Development Programme.

    He expressed confidence the expected outcome from the various interventions is to create 5 to 10 million jobs for our teeming youths within the agricultural value chain.

  • Stakeholders call for agric supports to curb food inflation

    Stakeholders call for agric supports to curb food inflation

    As food prices are skyrocketing, farmers and other stakeholders in the agricultural business value-chain have called for effective implementation of agric support initiatives to curb rising food inflation.

    Many households are dealing with crippling family budget deficits with consumers tightening their belts due to the rising cost of key food products, a check by The Nation has shown.

    Sellers blame the high price on rising costs of pesticides and herbicides had risen to the extent that they have in turn affected the cost of yam.

    Despite the government’s intervention, farmers are still faced with the rising costs of growing yams, saying that the prices of pesticides and herbicides to fuel and equipment are still not affordable to most farmers.

    A seller, Mallam Useni, lamented that Nigerians are currently passing through a difficulties due to the tough economic period.

    The prices of many staple foods such as rice and beans have tripled, with  a bag of rice heading towards N70,000 as opposed to N48,000 in September.

    A bag of foreign rice (small and big), sold for N33, 000 and N40, 000 earlier in the year.  In June the price of rice increased to N45, 000 in Lagos.  In the Federal Capital Territory (FCT), locally produced rice is priced at N37, 000 per bag, while imported rice is selling for N48, 000.

    By September it sold for N47, 000. It was N48, 000 in October and N55, 000 in November. Now the price is N58, 000 in December.  Rice is a staple for more than 150 million people.

    A big bag of beans (drum variety) currently sells for between N110, 000 and N115,000, while a small bag sells for N52,000. Before the removal of petrol subsidy, the item was sold between N35, 000 and N40,000.

    The price of items in the markets has gone up 400 percent over the last few months. Yam is one staple that the price has being rising. The price of yams in Ogba Market in Lagos is from N700 to N1, 000, even above; depending on the size of the yam.

    The National Bureau of Statistics (NBS) says prices of beef, tomatoes, beans, garri, yam, and other food items increased in August.

    The report shows that the prices of food items have skyrocketed, leaving many people unable to afford staple foods. The survey includes food items like local rice, yam, tomato, bread, plantain, veggies, fish, beans, and others.

    The NBS said the average price of 1kg of brown beans increased by 27 percent on a year-on-year basis from N545.61 in August 2022 to N692.95 in August 2023.

    “On a month-on-month basis, the price increased by 3.88 percent from the N673.53 recorded in July 2023 to N692.95 in August,’’ it added.

    “The average price of 1kg of Yam tuber rose by 42.80% on a year-on-year basis from N403.65 in August 2022 to N576.39 in August 2023.

    The NBS said Ondo had the highest average price of 1kg of local rice at N903.26, while the lowest was recorded in Benue at N529.72.

    In the same vein, the highest average price of 1kg of brown beans in Imo stood at N1,087, while the lowest price in Kogi was N480.34.

    Last year, An 80kg bag of Ijebu garri sold for an average N15,000.  A 50kg bag of Oloyin beans  costs N35,700 in April. A 50kg bag of foreign rice (Mr. Rice) sold for N33,000 in March.

    At  – Daleko, Oyingbo, Mile 12, and Mushin ,Yellow garri (50kg) sold for N13,875 ,Beans (50kg, Oloyin) –  N35,700 , Bush mango also called ogbono (big bag) sold for N155,000 ,Tomato (basket, medium size) – N14,500 ,White garri (50kg) – N13,750,Palm oil (25 litres) – N22,375 from N21,250 ,A crate of eggs –N2,075 ,Tuber of yam (Abuja, big size) – N1,500 , and Dry onions (big bag) N22,250 .

    100 tubers of yam known in local parlance as “a heap”, which used to be sold for between N25, 000 and N35,000 in 2018, goes for between N45,000 and N70,000 depending on the sizes.

    Last year, small tubers that sold for between N150 to N300 went up to  between N300 and N500.

    In 2021,  a big-sized yam tuber initially sold for an average of N1,413 two weeks ago has galloped to an average of N2,350. In the same vein, a medium-sized yam tuber rose from an initial average of N875 to sell at N1, 300.

    A 350g refill of Dano milk sold for an average of N1,400 from an initial average price of N1,700,A 50kg bag of Royal Stallion rice sold an average of N29,000

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    An 80kg bag of white beans recorded a decline of 8.78% to sell for an average of N55,825 compared to the initial average of N61,200.

    In 2021,a 30kg of palm oil sold  for N24,000 while a 25kg of groundnut oil went  for N28,000.

    A 20kg bag of garri  which sold  for between N5,000 and N6,000 in 2020 sold  for  N14,000.

    A  50kg bag of beans  was  given out for  between N70,000 and N100,000, depending on the type and location of sale. A carton of chicken that used to sell for between N7,000 and N8,000 in 2020 sold  for N17,00 in 2021  while the same quantity of turkey has risen from between N7,000 and N8,000 to N24,000.

    At Kuto Market in Abeokuta South Local Government Area ,a bag of foreign rice  was sold for N24,000.

    Consumers and sellers alike have expressed their unhappiness about the soaring cost of staple foods .

    A shoe designer  at Adaranijo market, Shomolu lamented that the prices of the food items are becoming almost unbearable.

    A trader based in Shomolu, Bartholomew Chukwu    expressed concern that the increase in the prices of foodstuffs might reduce patronage during the festive period. According to him as food prices soar, many families may not be able to afford to celebrate the festive season as they should. He explained that the combination of high food inflation, collapsing naira and stagnant incomes has left families unable to put food on the table. He called on the government to live up to its promise to lower the cost of living as Nigerians continue to battle persistent inflation.

    Giving reasons for the high cost of rice, the Special Adviser to the Lagos State Governor on Agriculture, Dr. Oluwarotimi Fashola, explained that the cost of loading and unloading bags of rice paddy and processing it has drastically affected the price thereby causing it to increase. Besides, he added that the price of the commodity has been on the rise before now due to scarcity driven by the Russia-Ukraine face-off.

    Food inflation is a concern for the Federation of Agricultural Commodities Association of Nigeria (FACAN) President, Dr. Victor Iyama. According to him, although the government is grappling with the task of containing the price rise, the supply situation is extremely tight, with increasing insecurity on the farms.