Food Prices in Nigeria: Beans, Yam, Garri Surge – NBS

Are you feeling the pinch at the market? Nigerians are grappling with soaring food prices, and the latest data from the National Bureau of Statistics (NBS) paints a stark picture. Staple foods like beans, yam, and garri have become significantly more expensive, intensifying financial hardship for families and businesses. How are these price hikes affecting your daily life? Let’s dive into the details and explore the factors driving this concerning trend.

The National Bureau of Statistics (NBS) data reveals a significant rise in food prices in Nigeria. The cost of staple foods like beans, yam, and garri has increased substantially, contributing to ongoing food inflation and impacting households and businesses. This trend raises concerns about food security and economic stability, placing pressure on family budgets and the overall cost of living.

Rising Food Prices: Key Findings

Beans Price Increase

Imagine paying over three times more for a bag of beans than you did last year. In June 2024, the average price of a kilogram of brown beans (sold loose) reached N2,292.76, according to the NBS. This is a staggering 252.13% increase compared to the N651.12 recorded in June of the previous year. Compared to May 2024 (N2,009.23), there was a 14.11% rise. This sharp increase impacts many Nigerian families who rely on beans as a protein source. What alternatives are families turning to?

Tomato Price Surge

The price of tomatoes has also dramatically increased. A kilogram of tomatoes, costing N547.28 in June 2023, now sells for N2,302.26, representing a 320.67% increase in one year. Think about the impact on your favorite jollof rice! This affects households and businesses like local restaurants and food vendors. How are restaurants coping with these increased costs?

Garri and Yam Price Hikes

Garri and yam, other staple foods, have also seen significant price increases. The price of white garri (sold loose) jumped by 181.66%. Yam tubers, priced at N510.77 in June 2023, sold for N2,021.55 by May 2024, a 295.79% increase. These increases strain households dependent on these staples.

Regional price variations were also noted. Abuja had the highest average price for 1kg of tomatoes at N3,992.61, while Kebbi State had the lowest at N1,200.00. Lagos state recorded the highest price of yam tuber at N3,376.54, while Adamawa recorded the lowest at N1100.00. Gombe recorded the highest average price of 1kg of white garri sold loose at N1,619.27, while Taraba reported the lowest at N900.00. These disparities highlight the varying impacts of inflation across different regions. Where do you see the biggest price increases in your area?

Impact of Rising Food Costs on Nigerians

With food inflation at 40.87% in June 2024, many families struggle to afford basic meals. This underscores the severity of rising food costs and their impact on household budgets. Families are forced to make difficult choices, reducing meal quantity and quality. What sacrifices are families making to put food on the table?

The impact extends beyond households, affecting small businesses. Food service businesses struggle with rising ingredient costs and may increase prices, affecting consumer demand. [Source needed] The situation also threatens food security. As families can’t afford balanced diets, malnutrition risks increase, especially among children, potentially hindering economic growth. [Source needed]

Factors Contributing to Food Inflation

Several factors contribute to rising food prices in Nigeria. Increased transportation costs from fuel price hikes play a role. Insecurity in farming regions prevents farmers from accessing land, exacerbating the problem. The Naira’s depreciation makes imports more expensive.

Climate change, with erratic rainfall and droughts, also impacts crop yields. Unpredictable weather leads to crop failures and reduced harvests, driving up prices. [Source needed] Government policies, including import restrictions on certain food items, may also contribute, limiting supply and driving up demand for locally produced goods.

Addressing this requires a comprehensive approach. Support for farmers, like affordable credit and inputs, is essential. Investments in agricultural infrastructure, including irrigation and storage, can improve yields and reduce losses. Policies to stabilize the exchange rate and reduce transportation costs are also crucial. According to a November 2023 report by the National Bureau of Statistics (NBS) (https://nigerianstat.gov.ng/elibrary), price increases for various food items, including beans, yam, and garri, contributed to the overall food inflation rate across different states in Nigeria.

Promoting climate-smart agriculture can help farmers adapt. Encouraging local food production and reducing reliance on imports can also contribute to food security and price stability. A coordinated effort involving government, the private sector, and civil society is needed. Punch Newspapers reported in January 2024 (https://punchng.com/beans-yam-garri-prices-soar-amid-food-inflation/) that market surveys indicated substantial price hikes for beans, yam, and garri, exacerbating food inflation in Nigeria.

Conclusion: Addressing Food Price Inflation in Nigeria

The NBS data indicates a significant surge in prices of essential food items like beans, tomatoes, garri, and yam, impacting Nigerian households and businesses. Factors include transportation costs, insecurity, currency depreciation, and climate change. Addressing this requires government support for farmers, infrastructure investments, and policies to stabilize the economy and ensure food security. Trading Economics (https://tradingeconomics.com/nigeria/food-prices) shows a general upward trend in food prices in Nigeria, reflecting the reported inflation.

What steps do you think are most crucial to combatting food inflation? Share your thoughts in the comments below!

Check out the latest NBS report on food prices here.