• Sunday, December 03, 2023
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Food prices surge 20% in one year

UK commits $26.5m to AFEX to address food security

The average food prices in Africa’s biggest economy surged by 20 percent to N42, 742.9 percent in January from N35,737.2 in the same period in 2022, data from the National Bureau of Statistics selected food price report shows.

The report showed that the prices of staples such as eggs, bread, and milk have soared in the country with the price of milk skyrocketing by 49 percent, 32 percent and 48 percent respectively.

The average price of a medium-sized egg increased by 49.7 percent to N87.2 year on year, 170g tinned (peak)milk also rose by 48.8 percent to N356.2, 500g unsliced bread jumped by 32.2 percent with an average price of N506.9.

There was also over a 25 percent jump in the prices of vegetable oil, palm oil, yam, tomatoes, Titus, sweet potatoes, imported rice, and wheat.

“We need to grow more food to drive down prices and this looks unlikely owing to critical issues such as insecurity and climate change that have been curbing crop production in recent years,” said Abiodun Olorundenro, operations manager at Aquashoots Limited in a response to questions.

“What this means is that food prices will remain high in 2023 owing to the shortfall, maybe until the third quarter when we have a new president,” he said.

Read also: Nigeria’s surging food prices defy global decline

The NBS said food inflation, which constitutes 50 percent of the inflation rate, was 24.3 percent in January, up from 23.6 percent in the previous month and 17.13 percent in January 2022.

It said the rise in food inflation was caused by increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, vegetable, fruits, meat, and food products.

The item with the lowest increase in food price was garri white sold loose with 9.75 percent increase to N337.52 from N307.53. Only mudfish (dried) experienced a slow in its price to N2,233.48 from N2305.65.

The report also highlights states and regions where these food items were the most expensive.

In the body of the report 10 of the food items were highlighted based on their price in the 5 regions of Nigeria, six of ten of these items were most expensive in the Southeastern region of Nigeria.

These items include beans (N804.12),beef (N3002.13), bread (N709.99), garri (N406.61) palm oil (N1180.13), and wheat flour(N1435.42).