The most recent food rate watch from the National Bureau of Statistics (NBS) has actually revealed a plain boost in significant essential food rates throughout Nigeria, with double-digit increases observed month-on-month.
According to the NBS Food Price Enjoy, essential foods such as Garri, Rice, Beans, Beef, and bread skilled cost walkings varying from 10% to as high as 25% in between January and February 2024.
Rice costs saw a typical boost of 19.69% for 1kg of loose regional rice, increasing from N1,021.79 in January to N1,222.97 in February.
This marks a considerable yearly increase of 134.81%.
The typical rate of 1kg of brown beans (offered loose) rose by 20.62% within the very same duration, from N976.58 to N1,177.9.
On a yearly basis, this shows a boost from N594.15 in February 2023 to the present cost.
The expense of 1kg boneless beef increased by 10.22% regular monthly, from N3,315.78 in January to N3,654.56 in February 2024. Year-on-year, beef rates increased by 49.41%.
Garri costs experienced an incredible 109.16% boost year-on-year, with the typical rate of loose Garri white per kg leaping from N345.88 in February 2023 to N723.45 in February 2024, accompanied by a month-to-month boost of 20.44%.
Yam rates likewise rose, with the typical cost per kg increasing by 131.33% year-on-year, from N436.41 in February 2023 to N1009.56 in February 2024, representing an 11.93% month-to-month boost.
Egg costs saw a substantial increase of 58.21% year-on-year, with the typical rate of one medium-sized farming egg climbing up from N88.03 in February 2023 to N139.28 in February 2024, experiencing a month-to-month boost of 19.65%.
Furthermore, the typical rate of a 500g sliced up bread increased by 15.91% in between January and February, from N904.02 to N1,047.86. Annual, bread costs increased by 89.48%.
These boosts in essential food costs show constantly high levels of inflation, with the inflation rate reaching 31.70% in February 2024, accompanied by a food inflation rate of 37.92%.
Regardless of efforts such as the Central Bank of Nigeria’s (CBN) rate of interest trek to 22.75%, the effect on inflation stays very little, leaving numerous Nigerians coming to grips with skyrocketing living expenses.