According to the latest report from the National Bureau of Statistics, Nigerians are facing significant challenges as the prices of staple foods continue to skyrocket.
In March 2024, the price of essential items like rice, garri, yam, and beans surged by more than 100% compared to the previous year.
The data reveals alarming trends: a kilogram of locally sold rice saw a staggering 152.93% increase in price year-on-year, reaching N1,340.74 from N530.08 in March 2023. Similarly, garri, a dietary staple, witnessed a substantial rise of 112.34% in the same period, with a kilogram now costing N749.89 compared to N353.16 in March 2023.
Yam, another dietary staple, experienced a similar fate, with prices soaring by 141.25% year-on-year, reaching N1,068.78 per kilogram in March 2024.
The report also highlights regional disparities, with Niger State recording the highest average price for rice at N1,699.98 per kilogram, while Benue State reported the lowest at N985.83. Ondo State topped the list for the highest average price of beans at N1,596.68 per kilogram, whereas Sokoto State reported the lowest at N745.5.
The surge in food prices adds to the existing challenges faced by Nigerians, with headlines and food inflation reaching 33.20% and 40.01% respectively in March 2024.
The situation underscores the urgent need for measures to address food security and alleviate the burden on households grappling with the impact of rising costs.
