• Friday, March 01, 2024
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Inflation hits Nigerians’ favourite breakfasts

Bread, akara (baked beans), indomie, egg and tea are favourite for breakfast for most Nigerians.

But the country’s surging prices have made these food items less accessible for many households to enjoy, as vendors of these popular breakfasts have increased their prices.

Most of the ingredients used in preparing these meals have witnessed a spike induced by the Russia-Ukraine war.

Chinyere who runs a mini noodle and egg outlet at Firstgate bus stop Festac, Lagos, said she has had to increase her price because many of the food items are now expensive.

“I used to sell two small packs of noodles and one egg for N450 just last month, but now I sell for N500 because the price of the entire ingredient has gone up.” she said.

The National Bureau of Statistics (NBS) shows that the country’s food inflation, which constitutes 50 percent of the inflation, rose by 20.6 percent in June 2022, the highest in eight months.

Also, from the NBS, the general inflation rate surged to a five-year high by 18.60 percent in June 2022 from 17.71percent in the previous month. The high inflation rate already puts it among the highest in the world.

Apart from the NBS data, a BusinessDay survey shows that within a period of one year the prices of major food items have more than doubled.

Read also: Nigerians share experiences as inflation bites harder

For example, the smallest size of noodles went up by over 100 percent to N150 in August 2022 from N70 in same period of 2021. Egg, a cheap source of protein consumed with bread, noodles and other meals, is sold for N100 per piece from N70 last year, a 43 percent increase in price, the price of akara went up by 150 percent to N50 from N20.

Bisola, the eldest of a family of seven in Ikeja, Lagos, said that they reduced the number of times they consume bread and akara on Saturdays because of the hike in their prices.

“My family and I ate bread and akara every Saturday for breakfast, but ever since akara became N50 from N20 and bread to N700. We only eat it two Saturdays a month as we are a large family.”

Bread, a common meal in most households due to its versatility and affordability rose in price by 55 percent to N700 in August from N450

“Wheat is a major raw material for the production of flour which is used for bread and some other confectionaries. Therefore, the current development is going to disrupt the supply of wheat in the global market,” said Muda Yusuf, chief executive of Centre for the Promotion of Private Enterprise (CPPE).

“There is, therefore, a risk of a hike in the cost of wheat which will affect the price of flour and a knock-on effect on the price of bread and other confectioneries,” he said.

Beverages were not left out, the price of 25g of chocolate beverage is N80 from N60 it used to be, the same for milk.

“To avoid spending so much on tea, I buy beverages that come in three in one (milk, chocolate and sugar), it’s cheaper and costs me just N100” Victoria, a primary school teacher in Ogun State told BusinessDay.