The prices of rice, garri, beans, and yam have surged dramatically by over 130 percent in April 2024 compared to the same period last year, exacerbating Nigeria’s economic challenges.
The National Bureau of Statistics revealed these figures in its April selected food prices watch report, recently published on its website. According to the report, the price of a one-kilogram bag of rice rose by 155.93 percent to N1,399.34 in April 2024 from N546.76 in April 2023. On a month-to-month basis, the price increased by 3.47 percent from N1,340.74 in March.
Similarly, the average price of one kilogram of garri increased by 134.98 percent year-on-year to N851.81 in April from N362.50 in April last year. Monthly, the price rose by 13.59 percent from N749.89 in March 2024. Additionally, the average price of one kilogram of tomatoes increased by 131.58 percent annually to N1,123.41 in April 2024 from N485.10 in April 2023, and on a monthly basis, it rose by 17.06 percent from N959.68 in March 2024.
The price of one kilogram of brown beans climbed by 125.43 percent year-on-year to N1,387.90 in April 2024 from N615.67 in April 2023, with a monthly increase of 12.44 percent. Moreover, the average price of one kilogram of yam tuber increased by 154.19 percent year-on-year to N1,130.37 in April 2024 from N444.69 in April 2023. Monthly, it increased by 5.76 percent from N1,068.78 in March 2024 to N1,130.37 in April 2024.
This price surge occurs amid continued rises in Nigeria’s headline and food inflation, which stood at 33.69 percent and 40.53 percent in April, respectively. Financial experts attribute these rising food prices to President Bola Ahmed Tinubu’s policies of fuel subsidy removal and naira devaluation.
In its latest Monetary Policy Committee meeting, the Central Bank of Nigeria raised the interest rate to 26.25 percent. Governor Olayemi Cardoso stated that this decision aims to curb inflation. However, Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise, noted that previous rate hikes by the CBN have not historically impacted the country’s inflation.
