Nigerians are facing a significant rise in food prices, according to the latest report by the National Bureau of Statistics (NBS). The Selected Food Price Watch for April 2024 shows a staggering year-on-year increase of 140.4% for five basic food items.

The report details the dramatic price hikes for essential staples like rice, garri, tomatoes, beans, and yam. The price of local rice, for instance, jumped a shocking 155.93% compared to April 2023. Similarly, garri white saw a 134.98% increase, while beans and yam prices rose by over 125%. Even tomatoes, a common ingredient in many Nigerian dishes, experienced a significant price surge of 131.58% year-on-year.

These sharp price increases are likely to put a strain on household budgets, particularly for low-income families. The NBS report highlights not only the year-on-year increases but also some month-on-month rises, suggesting that prices are continuing to climb.

Source: Vanguard