Nigerians are grappling with a significant increase in the prices of staple foods like rice, garri, yam, and beans, which have surged by more than 100 percent annually. The National Bureau of Statistics recently reported this trend in its latest Selected Food Price Watch for March 2024.
For instance, the price of locally sold loose rice reached N1,340.74 per kilogram, marking a 152.93 percent rise compared to March 2023’s N530.08 and a 9.63 percent increase from February 2024’s N1,222.97. Similarly, the average price of 1kg of Garri white rose by 112.34 percent year-on-year, from N353.16 in March 2023 to N749.89 in March 2024, with a 3.66 percent increase month-on-month.
Additionally, the average price of 1kg of Yam tuber increased by 141.25 percent year-on-year, from N443.02 in March 2023 to N1,068.78 in March 2024, and rose by 5.87 percent from N1,009.56 in February 2024 to N1,068 in March 2024.
State-wise, Niger State recorded the highest average price of 1kg of rice at N1,699.98, while Benue state had the lowest at N985.83. Ondo State reported the highest price for 1kg of Beans brown at N1,596.68, and Sokoto had the lowest at N745.5. Ogun State had the highest average price for 1kg of Garri white at N1021.13, while Benue had the lowest at N490.55. Edo State reported the highest average price for 1kg of Yam tuber at N 1,695.13, and Katsina had the lowest at N723.39.
These increases in food prices occur alongside a surge in headline and food inflation rates, which stood at 33.20 percent and 40.01 percent, respectively, in March 2024.