The harsh economic situation in the country has assumed a new dimension as Nigerians now struggle to afford basic food items.
Food inflation has reached an all-time high with analysts predicting that there may be no respite if the federal government fails to tackle insecurity to enable farmers return to their farms.
Confirming the dire economic situation in a report, the National Bureau of Statistics (NBS) said prices of beans, bread, yam, rice and other food items increased further in August 2024.
The NBS in its, “Selected Food Prices Watch” report for August, NBS said the average price of 1 kilogram (kg) of brown beans (sold loose) stood at N2,574.63 year-on-year, an increase of 271.55 per cent, when compared to the N692.95 recorded in August 2023.
Also, the price increased by 5.31 per cent on a month-on-month basis from N2,444.81 in July 2024.
The bureau said the price of medium-sized Agric eggs (12 pieces) increased by 121.92 per cent on a year-on-year basis from N1,031.55 recorded in August 2023 to N2,289.19 in the same month this year.
“On a month-on-month basis, the average price of this item rose by 5.48 per cent from N 2,170.17 in July 2024,” the NBS said.
The report said the average price of sliced bread increased by 113.16 per cent on a year-on-year basis to N1,459.85 in August, compared to the N684.85 reported in the same period in 2023.
On a month-on-month basis, the bureau said the price increased by 2.28 per cent from the N1,427.25 recorded in July.
The NBS said the average price of 1kg of local rice rose by 148.41 per cent on a year-on-year basis from N737.11 recorded in August 2023 to N1,831.05 in August 2024.
“On a month-on-month basis, it increased by 3.65 per cent from N1,766.64 recorded in July 2024,” the report said.
The bureau said the average price of 1kg of a tuber of yam increased by 188.31 percent on a year-on-year basis from N576.39 in August 2023 to N1,661.80 in August 2024.
However, NBS said on a month-on-month basis, the price decreased by 7.82 percent from the N1,802.84 recorded in July.
Also, the bureau said the average price of 1kg of tomato increased on a year-on-year basis by 171.72 per cent from N554.37 recorded in August 2023 to N1,506.35 in August 2024.
“However, on a month-on-month basis, the average price of 1kg of tomato declined by 11.07 percent from N1,693.83 in July 2024 to N1,506.35 in August,” the NBS said.
By Arthur Eriye @ThisDay
