The cost of staple foods like rice, yam, plantains, and beans significantly increased in October 2024, as Nigeria’s headline inflation rate rose to 33.88%, up from 32.7% in September, marking a 1.18 percentage point increase.
According to the National Bureau of Statistics Consumer Price Index report, the rise in inflation can be largely attributed to increased transportation costs and higher food prices. This represents a significant economic challenge, as inflation remains a persistent issue, deeply impacting the cost of living for millions of Nigerians.
These sharp price increases in staple foods have significantly strained households, particularly those in lower-income brackets.
In October 2024, Nigeria’s headline inflation rate rose to 33.88%, up from 32.7% in September, marking a 1.18 percentage point increase.
According to the National Bureau of Statistics Consumer Price Index report, the rise in inflation can be largely attributed to increased transportation costs and higher food prices. This represents a significant economic challenge, as inflation remains a persistent issue, deeply impacting the cost of living for millions of Nigerians.
In particular, the price of staple foods has continued to rise sharply, reflecting broader economic challenges.
Among the ten most expensive staple foods in Nigeria in October 2024, significant price increases were recorded in several key items:
1. Local Rice (Sold Loose):
Local rice saw a remarkable price increase of 137.32% year-on-year. The average price in October 2024 reached N1,944.64, compared to N819.42 in October 2023. This price surge reflects ongoing inflationary pressures and supply chain challenges. Additionally, local rice experienced a 1.56% month-on-month increase, with regional price variations ranging from N1,267.25 in Benue to N2,693.41 in Kogi.
2. Agricultural Rice (Sold Loose):
Agricultural rice, commonly sold by local farmers, also saw a significant price hike of 138.90% year-on-year. In October 2024, the average price was N2,023.68, up from N847.08 in the previous year. The increase was further compounded by a 2.95% month-on-month rise, with prices across states showing substantial variation. The highest price was recorded in Nasarawa, where the average cost reached N3,120.49.
3. Ripe Plantain:
Ripe plantain, a staple in many Nigerian households, saw a price increase of 140.19% year-on-year, bringing the average price to N1,507.21 in October 2024, up from N627.50 in the previous year. Month-on-month, the price rose modestly by 0.45%, from N1,500.43 in September 2024. The price of ripe plantain varied greatly across Nigeria, with Edo State having the highest price at N2,245.33, and Taraba recording the lowest at N600.
4. Medium-Sized Agric Eggs:
Eggs, a critical source of protein in Nigeria, saw an exceptional price increase of 140.21% year-on-year, with the average price reaching N2,671.60 in October 2024, up from N1,112.22 in October 2023. The price surge was especially notable in the month-on-month comparison, with a 7.42% increase, rising from N2,487.04 in September 2024. Bauchi had the highest price for medium-sized eggs at N3,450.00, while Adamawa recorded the lowest price at N2,050.00.
5. Imported High-Quality Rice (Sold Loose):
Imported high-quality rice, known for its superior quality, saw a 143.21% increase in price, rising from N1,016.12 in October 2023 to N2,471.28 in October 2024. This surge reflects both local inflationary pressures and volatility in global rice markets, which have been exacerbated by the weak naira. Prices of imported rice also increased 2.80% from N2,403.86 in September 2024, with Kogi State recording the highest price of N3,187.35, and Niger having the lowest at N2,017.04.
6. Yam Tubers:
Yam tubers, a core food item in Nigerian cuisine, saw a substantial price rise of 148.02% year-on-year, with an average price of N1,705.58 in October 2024, compared to N687.68 in the previous year. This dramatic increase was driven by a variety of factors, including high transportation costs and disruptions in yam farming caused by adverse weather conditions. The price increased 2.22% month-on-month, from N1,668.49 in September 2024. Kwara State had the highest price for yam tubers at N4,011.57, while Adamawa recorded the lowest price at N775.00.
7. Unripe Plantain:
Unripe plantain, another popular staple, saw an eye-watering price increase of 152.26% year-on-year. The average price in October 2024 was N1,539.66, up from N610.34 in the previous year. Prices rose 1.89% month-on-month, from N1,511.09 in September 2024. The highest price for unripe plantain was reported in Akwa Ibom, where the price reached N2,220.14, while Borno had the lowest price at N822.01.
8. Broken Rice (Ofada Rice):
Local varieties of rice, particularly Ofada rice, experienced an extraordinary price surge of 199.16% year-on-year, with the average price rising from N811.83 in October 2023 to N2,428.65 in October 2024. The price increased 2.93% month-on-month, from N2,359.47 in September 2024. Osun State reported the highest price for broken rice at N3,400.00, while Adamawa had the lowest price at N1,425.00.
9. White Beans (Black Eyed):
The price of white beans (black-eyed beans) surged by 238.04% year-on-year, reaching an average price of N2,603.32 in October 2024, up from N770.13 in October 2023. Month-on-month, the price increased slightly by 0.94%, from N2,579.02 in September 2024. The highest price for white beans was reported in Akwa Ibom at N3,199.58, while Yobe had the lowest price at N1,643.62.
10. Brown Beans:
Brown beans, the most expensive staple in Nigeria in October 2024, experienced a staggering 254.23% price increase year-on-year, with an average price of N2,798.50 in October 2024, compared to N790.01 in October 2023. This is the highest price increase of all the food items listed. Brown beans also saw a 2.19% month-on-month rise, from N2,738.59 in September 2024. Bauchi State reported the highest price for brown beans at N3,750.00, while Yobe had the lowest price at N1,749.52.
The sharp price increases in staple foods like rice, yam, plantains, and beans have placed significant strain on households, particularly those in lower-income brackets. Factors contributing to the rising food prices include high transportation costs, inflation in the agricultural sector, and climatic disruptions affecting local food production.
The rising inflation in Nigeria continues to challenge the economic stability of millions of households. With food prices sharply increasing and essential goods becoming increasingly unaffordable for many, the government must prioritize measures to curb inflation and provide support for vulnerable populations.
