NBS Reports Major Spike in Food Prices Across Nigeria from May to June 2024

The National Bureau of Statistics (NBS) in Nigeria has reported a substantial increase in the prices of various food items between May and June 2024. Key highlights from the report include:

1. Overall Increase: Food prices, including tomatoes and garri, rose by 55% in June 2024 compared to the previous month.
2. Tomato Prices: The price of tomatoes saw a significant year-on-year increase of 320.67%, jumping from ₦547.28 in June 2023 to ₦2,302.26 in June 2024. The price increased by 55.59% from ₦1,479.69 in May 2024.
3. Beans: The average price of 1kg of brown beans increased to ₦2,292.76 in June 2024, marking a 252.13% year-on-year rise from ₦651.12 in June 2023, and a 14.11% month-on-month rise from ₦2,009.23 in May 2024.
4. Irish Potatoes: Prices rose by 288.5% year-on-year to ₦2,423.27 in June 2024, with a month-on-month increase of 51.92% from ₦1,595.07 in May 2024.
5. Garri: The average price of 1kg of white garri went up by 181.66% year-on-year from ₦403.15 in June 2023 to ₦1,135.51 in June 2024, with a 1.86% increase from May 2024.
6. Yam Tuber: Prices increased by 295.79% year-on-year from ₦510.77 in June 2023 to ₦2,021.55 in June 2024, with a month-on-month rise of 52.87% from ₦1,322.36 in May 2024.

State and Regional Analysis:

• Beans: Highest price in Kogi (₦3,006.43), lowest in Adamawa (₦1,336.11).
• Tomatoes: Highest price in Abuja (₦3,992.61), lowest in Kebbi (₦1,200).
• Yam Tuber: Highest price in Lagos (₦3,376.54), lowest in Adamawa (₦1,100).
• Garri: Highest price in Gombe (₦1,619.27), lowest in Taraba (₦900).

Geographical Analysis:

• Beans: Highest price in Northcentral (₦2,923.45), lowest in Northwest (₦1,647.03).
• Tomatoes: Highest prices in South-south (₦3,261.84) and South-east (₦2,852.59), lowest in Northwest (₦1,411.16).
• Yam Tuber: Highest price in Southwest (₦2,745.80), lowest in Northwest (₦1,238.49).
• Garri: Highest prices in Southwest (₦1,199.62) and Northeast (₦1,155.63), lowest in Northcentral (₦1,055.87).

The significant price increases highlight ongoing inflation and economic challenges within Nigeria.