Prices of sweet potatoes, tomatoes, beans and more have jumped more than 250% since 2023 —NBS

In a development that further worsens the economic plight of Nigerians, the prices of staple foods such as beans, yams, tomatoes, potatoes and others have increased by more than 250 percent between June 2023 and June 2024.

This is according to the June Selected Foods report released by the National Bureau of Statistics (NBS) on Wednesday, July 24, 2024, in Abuja.

The report takes into account the prices of staple foods, including garri, beans, tomatoes, yams and potatoes among others.

Apart from garri which increased by 181.66 percent, others increased by around 250 percent.

This development will further worsen the purchasing power of Nigerians who have already been hit by soaring food prices.

NBS data shows that food prices are not only increasing year-on-year, but also month-on-month.

According to analysis of specific food items, a kilogram of garri (white) increased by 181.66 per cent year-on-year from N403.15 in June 2023 to N1,135.51 in June 2024, while there was an increase of 1.86 per cent month-on-month.

READ ALSO: Nigeria’s inflation rate is now 34.19 percent

In addition, the price of red beans (sold loose) per 1 kg was recorded at N2,292.76, indicating an increase of 252.13 percent year-on-year from N651.12 recorded in June 2023.

Similarly, 1 kg of cassava tubers increased by 295.79 percent year-on-year from N510.77 in June 2023 to N2,021.55 in May 2024.

On a monthly basis, it increased by 52.87 percent from N 1,322.36 in May 2024 to N 2,021.55 in June 2024.

In addition, the price of tomatoes (1kg) increased Year-on-Year (YoY) by 320.67 percent to N2,302.26 in June 2024 from N547.28 in June last year (2023).

The report added that there was also a significant increase in the price of Irish potatoes by 288.5 per cent year-on-year from N623.75 in June 2023 to N2,423.27 in June 2024.

Based on state-level analysis, Lagos State recorded the highest price of 1kg of sweet potato tubers at N3,376.54, while Adamawa recorded the lowest price at N1,100.00.

Gombe recorded the highest average price of 1kg of Garri (white) sold at N1,619.27, while the lowest price was reported in Taraba at N900.

This happened because core and food inflation in June reached 34.19 percent and 40.87 percent respectively.

By: Babajide Okeowo

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