Nigeria's food inflation has escalated due to the announcement of the end of fuel subsidy payments by the president of the country which has lead to a surge in goods and services prices, transportation costs, and food inflation. This policy has had a ripple effect on the country's economy, causing a significant financial burden on the country.
The National Bureau of Statistics (NBS) reported a 0.98 percentage point increase in the headline inflation rate in January 2024 compared to December 2023. This year-on-year increase was 8.08 percentage points higher than January 2023's rate of 21.82 percentage points. Additionally, the food inflation rate in January 2024 increased to 35.41%, a 11.10 percentage point increase from January 2023's rate of 24.32 percentage points.
Prices of Things Today
In Nigeria, the cost of food products has risen geometrically, leading to protests in various states, including Niger, Kano, Kogi, Ondo, demanding solutions to the economic crisis.
The price of various items in Nigeria has increased significantly, with a 50 kg bag of sugar now selling for N85,000. A 60 kg bag of oloyin honey beans is now sold for N120,000, while a rubber of honey beans with 10 milk cups is now sold for N2,500. Foreign long-grain rice is now sold between N72,000 and N80,000, while Nigeria rice is sold between N61,000 and N65,000. Small white beans are now sold for N120,000. For flour, diamond flour was N40,000 between November and December last year, and has increased to N52,000. A 25-litre vegetable oil is now sold between N52,000 and N54,000, and a 75cl bottle is sold for N1,800.
Over the past month, prices of essential commodities and foodstuff have doubled, causing instability and impacting people's pockets. For example, a carton of golden penny spaghetti has gone from N8,000 to N11,500, Crown spaghetti from N11,800 to N12,650, Honey Well, Aunty B, and Mama's Pride from N6,500 to N11,200 and N11,250. Egg prices have also increased, from N100 per egg to N130 per egg. Meat prices have also risen, from N3,000 to N4,000, and raffia baskets of tomatoes have gone from N7,000 to N30,000 and above. Instant noodles prices have also increased, with 120g (super pack) Indomie noodles going as high as N11,300 against the previous 4500.
The prices of various items have risen, with yam, garri, groundnut oil, ice fish, spaghetti, palm oil, and eggs all experiencing changes. The price of yam has risen from N75,000 to N100,000, garri from N1,500 to N2,500, groundnut oil from N6,000 to N8,000, ice fish from N1,800 to N2,100, spaghetti from N700 to N950 per pack, palm oil from N1,000 of 75cl bottle to N1,500, and eggs from N2,000 to N3,500 a crate.
Conclusion
The Nigerian food crisis is multifaceted and necessitates comprehensive solutions that consider agricultural interventions, security, and economic factors.
0 Comments