Within the period of one year, food, a basic necessity for human survival, is going out of reach for many Nigerians.
According to the April 2022 inflation data from the National Bureau of Statistics (NBS), prices of nearly all staple food items from egg to rice, garri and maize have surged, resulting in higher cost of living and worsening living standards.
Food takes almost 60 percent of the household expenditure. In 2019, total household expenditure in Nigeria stood at N40 trillion out of which N22. 7 trillion is spent on food alone, data from NBS survey shows.
In Lagos for example, the average price for a kilo of imported rice increased by 13.6 percent to N676.9 in April 2022 from N595.7 in the same period of the previous month, the price of a 500g of bread rose by 28.5 percent and the price of yam tuber rose by 107.3 percent
Others include a kilo of frozen chicken (up by 36.5 percent), a dozen eggs (up by 43.53 percent). Also, an essential item used for cooking (12.5kg of cooking gas) increased significantly by 83 percent.
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In a recent report by SBM Intelligence, an Africa-focused geopolitical research and strategic communications consulting firm, a full-time housewife in Lagos who goes to the market very often said the rapid increase in food prices usually leaves her feeling sad whenever she returns from the market.
“Prices are not stable so I used to buy my foodstuff in bulk and before buying from any trader, I visit multiple stores and also spend time to bargain with the trader just so he/she can reduce the price,” she said.
With over 21 million people, Lagos has one of the highest inflation rates in the country. According to the NBS, food inflation increased month-on-month by 1.99 percentage points to 19.31 percent in April.
For the country, food inflation rose 2.0 percent points higher to 18.37 percent, the highest in seven months compared to 17.20 percent in March.
The increase in the prices of bread and cereals, potatoes, yam, and other tubers, wine, fish, meat, and oils was responsible for the rise in the food index.
And with the continuous increase in prices, international organisations have predicted that it could negatively impact purchasing power, limiting spending to essentials.
“The Ukraine-Russia conflict has significantly impacted the global supply prices of key commodities, such as oil and gas, fertiliser, wheat, corn and barley.
The commodity price increases are already feeding through into higher consumer prices and will continue over the year,” analysts at Fitch Solutions said.
