The prices of food commodities in Nigeria surged by 40.53 percent in the month of April, according to data released by the National Bureau of Statistics (NBS). This increase marks a significant rise of 15.92 percentage points compared to the rate recorded in April 2023, which stood at 24.61 percent.
The NBS report attributed the uptick in prices to increases across various food categories. Items such as millet flour, garri, bread, wheat flour (prepacked), semovita (under bread and cereals class), yam tuber, water yam, coco yam (under potatoes, yam, and other tubers class), coconut oil, palm kernel oil, vegetable oil, dried fish (sardine, catfish dried, mudfish dried), beef (head, feet, liver), frozen chicken, mango, banana, grapefruit, Lipton tea, Bournvita, and Milo, all experienced price hikes.
However, the NBS noted that while prices increased in April, they were down compared to the preceding month of March. The prices rose by 2.50 percent in April, reflecting a 1.11 percent decrease compared to the rate recorded in March 2024 (3.62 percent).
This reduction was attributed to a decline in the rate of increase in the average prices of yam, water yam, Irish potatoes (under potatoes, yam & other tubers class), among others. The significant rise in food commodity prices highlights ongoing challenges facing consumers and policymakers in the country. As stakeholders navigate these economic dynamics, attention will be directed towards implementing measures to mitigate the impact of rising food costs on households and ensure food security for all Nigerians.
