Rice, garri, tomatoes prices rise 141% in one year – NBS
The average prices of rice, garri, and tomatoes rose by 141% over one year, according to a food price report. The price of rice surged 156% to N1,399 in 2024 from N547 in 2023. Garri prices increased 135% from N363 to N852, with a monthly rise of 13.59%. Tomato prices rose 17.9% from N960 in March to N1,123 in April, and 132% year-on-year. Beans prices increased 125% year-on-year to N1,388. The highest rice price was in Niger at N1,785 and the lowest in Benue at N994. Source: BusinessDay
Our Review
The report on the surge in food prices highlights a concerning trend in Nigeria, with significant yearly increases in the prices of staples such as rice, garri, and tomatoes. The 141 percent rise in average prices over one year, with rice alone surging by 156 percent, underscores severe inflationary pressures impacting food security. Factors contributing to this inflation include supply chain disruptions, increased production costs, and possibly speculative hoarding by major dealers. The regional disparities, with Niger State recording the highest price for local parboiled rice and Benue the lowest, further reflect the uneven impact of these price hikes. The higher prices in the South-West and South-South zones compared to the North-West may indicate logistical challenges or varying regional demand and supply dynamics. Addressing this issue requires a multi-faceted approach: enhancing agricultural productivity through technology, improving supply chain efficiencies, and implementing policies to stabilize food prices. Additionally, strengthening market regulations to curb hoarding and speculative practices is essential.
