The National Bureau of Statistics (NBS) has reported a sharp increase in the prices of essential food items, including beans, tomatoes, garri, yam, and Irish potatoes, for June 2024.
This follows the agency’s earlier disclosure that headline inflation rose to 34.19% in June, compared to 33.95% recorded in May 2024.
According to the NBS report released on Tuesday in Abuja, the cost of 1kg of brown beans climbed by 252.13% within a year, from ₦651.12 in June 2023 to ₦2,292.76 in June 2024. Month-on-month, the price saw a 14.11% increase from ₦2,009.23 in May.
Similarly, the price of 1kg of tomatoes rose by 320.67% year-on-year, from ₦547.28 in June 2023 to ₦2,302.26 in June 2024. Month-on-month, the increase was 55.97%, up from ₦1,479.69 recorded in May 2024.
Irish potatoes followed this trend, with prices escalating by 288.50% year-on-year from ₦623.75 in June 2023 to ₦2,423.27 in June 2024. White garri prices saw a 181.66% year-on-year rise, reaching ₦1,135.51 in June 2024 compared to ₦403.15 in June 2023. Month-on-month, garri prices edged up by 1.86%. Yam prices surged by 295.79% year-on-year, moving from ₦510.77 in June 2023 to ₦2,021.55 in June 2024.
Regional Price Variations
- Brown Beans: Highest price in Kogi (₦3,006.43); lowest in Adamawa (₦1,336.11).
- Tomatoes: Abuja recorded the highest cost (₦3,992.61), while Kebbi had the lowest (₦1,200).
- Yam Tuber: Most expensive in Lagos (₦3,376.54) and cheapest in Adamawa (₦1,100).
- White Garri: Gombe led with ₦1,619.27, and Taraba had the lowest price at ₦900.
Zonal Insights
- Brown Beans: North-Central topped the chart (₦2,923.45), followed by South-South (₦2,630.03).
- Tomatoes: South-West recorded the highest average price (₦3,261.84), while North-West had the lowest (₦1,411.16).
- Yam Tuber: Highest in South-West (₦2,745.80), followed by North-Central (₦2,440.35). North-West recorded the lowest price (₦1,238.49).
- White Garri: Highest in South-West (₦1,199.62) and North-East (₦1,155.63).
Government Interventions
In response to the persistent food price hikes, the Federal Government recently announced a 150-day suspension of import duties on key food commodities. This measure is expected to stabilize prices and improve food security. The duty-free window applies to items like maize, cowpeas, wheat, and husked brown rice. Additionally, the government has approved the distribution of grains to mitigate the effects of rising food costs across the country.
