Recall that the NBS data highlights a staggering 134.81 percent increase in the price of 1kg of local rice, which climbed to N1,222.97 in February 2024, up from N520.84 in the same month last year.
According to the National Bureau of Statistics (NBS) the cost of rice, garri, and yam soared dramatically in February 2024.
This severely impacted households across the nation.
The NBS data highlights a staggering 134.81 percent increase in the price of 1kg of local rice, which climbed to N1,222.97 in February 2024, up from N520.84 in the same month last year.
Garri, a widely consumed derivative of cassava, saw its average price jump to N723.45 from N345.88 in February 2023, marking a 109.16 percent rise. Similarly, the price of yam experienced a 131.33 percent surge, reaching N1009.56 up from N436.41 in the preceding year.
The month-on-month analysis further reveals the relentless upward trend, with rice, garri, and yam prices experiencing increases of 19.69 percent, 20.44 percent, and 11.93 percent, respectively.
This persistent inflationary pressure on basic food items exacerbates the cost of living challenges faced by Nigerian families, many of whom are already under financial strain.
Additionally, the NBS report indicated that the price of 500g of sliced bread, another staple, escalated by 89.48 percent between February 2023 and February 2024, further evidencing the broad-based nature of the food inflation engulfing the country.
This price surge in staple foods reflects the broader economic challenges confronting Nigeria, including currency depreciation, supply chain disruptions, and various socio-economic factors.
As families struggle to adapt to these harsh economic realities, calls for interventions by the government and relevant stakeholders have intensified, with many advocating for policies and measures that can stabilize food prices and ensure accessibility to basic nutritional needs for all Nigerians.