The costs of basic foodstuffs -rice, garri, beans, and yam- skyrocketed by more than 130 percent in April 2024 compared to the previous year, making Nigeria’s economic hardship even worse.
This was made known by the National Bureau of Statistics in its selected food prices watch for April.
According to the report, the price of a one-kilogram bag of rice jumped by 155.93 percent to ₦1,399.34 in April 2024, up from ₦546.76 in April 2023.
The report also noted that on a month-to-month basis, the price increased by 3.47 percent from ₦1,340.74 in March.
Similarly, the average price of 1kg of garri rose by 134.98 percent year-on-year to ₦851.81 in April from ₦362.50 in April last year.
Month-on-month, the average price of garri went up by 13.59 percent from ₦749.89 in March 2024.
Similarly, the average price of 1kg of tomatoes increased by 131.58 percent year-on-year to ₦1,123.41 in April 2024, up from ₦485.10 in April 2023.
The report also mentioned that on a month-to-month basis, rice prices rose by 17.06 percent from ₦959.68 in March 2024.
Additionally, the average price of 1kg of brown beans went up by 125.43 percent year-on-year to ₦1,387.90 in April 2024, compared to ₦615.67 in April 2023, with a monthly increase of 12.44 percent.
The average price of 1kg of yam tuber rose by 154.19 percent year-on-year to ₦1,130.37 in April 2024, up from ₦444.69 in April 2023.
Month-on-month, the price increased by 5.76 percent, rising from ₦1,068.78 in March 2024 to ₦1,130.37 in April 2024.
This rise in prices is occurring alongside the ongoing increase in Nigeria’s overall and food inflation rates, which were 33.69 percent and 40.53 percent in April, respectively.
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