The latest report from the National Bureau of Statistics (NBS) reveals a persistent rise in food prices.
As of June 2024, the average price of 1kg of brown beans (sold loose) reached N2,292.76, marking a staggering 252.13% year-on-year increase from N651.12 in June 2023, and a 14.11% month-on-month rise from N2,009.23 in May 2024.
Tomato prices also saw a significant year-on-year jump of 320.67%, from N547.28 in June 2023 to N2,302.26 in June 2024. Month-on-month, the price rose by 55.59% from N1,479.69 in May 2024.
The average price of 1kg of white Garri sold loose increased by 181.66% year-on-year, from N403.15 in June 2023 to N1,135.51 in June 2024, with a 1.86% month-on-month rise.
Yam prices saw a 295.79% year-on-year increase, with the average price per kilogram rising from N510.77 in June 2023 to N2,021.55 in June 2024. The month-on-month increase was 52.87%, from N1,322.36 in May 2024 to N2,021.55 in June 2024.
The highest average price for 1kg of tomatoes was recorded in Abuja at N3,992.61, while Kebbi State had the lowest at N1,200.00. Yam tubers sold highest in Lagos at N3,376.54, and the lowest in Adamawa at N1,100.00. Gombe reported the highest average price for 1kg of white Garri at N1,619.27, with the lowest in Taraba at N900.00.
These price increases contribute to food inflation, which soared to 40.87% in June 2024. Despite government efforts to address the crisis, food prices continue to rise.
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