The average price of rice, garri, and beef has increased by 27.4% in March, the highest among selected food prices for the review period.
Data from the Nigeria Bureau of Statistics shows that the average price of 1kg of local parboiled rice increased to N1,340.7 in March 2024 from N530.08 in the same period the year before.
On a state level, the NBS report said that Niger recorded the highest price of a kilogramme of parboiled rice at N1,700, while Benue recorded the lowest price at N986.
The average price of garri, a choice staple in Nigeria, rose by 112.3% from the N353.16 recorded in March 2023 to N1,554 in the same month in 2024.
Every month, the garri price surged by 5.2% from N1,477 in February to N1,554 in March 2024.
According to reports, the selected food prices show that the average prices of vegetable oil, beans, palm oil, eggs, tomatoes, and yam tubers spiked considerably in March, causing a surge in food inflation by 40%.
The report also noted that the average price of 1kg beef boneless rose by 17.9% from N3,655 in April to N4,309 recorded in March.
The price increased by 75% yearly from N2,480 in the same period in 2023.
The average price of 1kg of brown beans increased by 4.79% from N1,178 in February to N1,234 in March 2024.
The commodity’s prices rose 107% yearly compared to the same period in 2023.
Also, the average price of 1kg of yam tuber rose 141.25% yearly from N443.02 the previous year to N1,069. The price rose monthly from N1.010 in April to N1,068 in May 2024.
NBS said:
The report also noted that the southeast recorded the highest average price of 1kg of brown beans, N1,466, followed by the south-south, N1,460, while the lowest cost was recorded in the northwest, N863.
The southwest and southeast recorded the highest average prices of 1kg of white garri, N895, and N836, while the northwest recorded the lowest, N618.
Kwara recorded the highest price of 1kg of beef boneless at N5,500, while Benue recorded the lowest at N3,400.
Ogun state recorded the highest price of white garri at N1021, while Benue recorded the cheapest at N491.
A TimesNow.com.ng report said that the price of garri hit N72,000 per bag in April, sending households into more hardship.
Sellers at the Katako market explained the reasons behind the historic price increase of the commodity in recent times.
Reports say that with schools just resuming and farmers expected to return to their fields soon, the situation may exacerbate the price increase.
