The average prices of beans, tomatoes and Irish potatoes increased the most in June, spearheading food price surge in the period, data from the National Bureau of Statistics has shown.
The selected food price watch of the NBS for June revealed that prices of beans, one of Nigeria’s cheapest protein sources, increased by 252.13 percent year-on-year to N2,293 as against N651.12 in the same month of 2023. While on a month-on-month basis, it increased by 14.11 percent from N2,009 in May.
According to a BusinessDay market survey, prices of the grain have surged by 53.8 percent for a paint rubber in Lagos to N10,000 in July from about N6,500 in February.
The NBS revealed that tomato prices increased by 320.67 percent from N547.28 in June last year to N 2,302 in the period under review. Month-on-month, the price increased 55.59 percent from N 1,480 in May 2024.
Experts blame the surge on tuta absoluta, high cost of transportation, climate change and middlemen tariff that pushed tomato prices to record highs across Nigeria. Between May and June, a basket of tomatoes rose to N120,000 in Lagos from an average of N40,000 in April.
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This surge has made Nigerians turn to other alternatives like cucumber and carrots in cooking their foods.
Also, the selected food price watch showed that there was a notable price increase in Irish potatoes by 288.50 percent on a year-on-year basis from N623.75 in June 2023 to N2,423 in June 2024. On a month-on-month basis, it increased by 51.92 percent from N1,595 in May 2024.
Furthermore, the average price of white garri went up by 181.66 percent on a year-on-year basis from N403 in June 2023 to N1,135 in June 2024, while there was an increase of 1.86 percent on a month-on-month basis.
Similarly, the average price of yam increased by 295.79 percent on a year-on-year basis from N 511.77 in June 2023 to N 2,021 in May 2024. On a month-on-month basis, it increased by 52.87 percent from N1,322 in May 2024 to N 2,022 in June 2024.
The report revealed that on a state level, the highest average price of 1kg of brown beans was recorded in Kogi State at N 3,006 while the lowest was in Adamawa at N1,336.
The highest average price of 1kg of tomato was recorded in Abuja at N3,992 while the lowest was in Kebbi at N1,200. For yam, the average highest price of 1kg of the tuber was recorded in Lagos at N3,376, while Adamawa recorded the lowest price at N1,100.
