By Ayomide Joseph
In the face of the Federal Government’s vigorous attempts to combat inflation and the escalating cost of essential commodities, the National Bureau of Statistics (NBS) has disclosed alarming figures revealing a significant surge in the prices of rice, onion bulbs, and other vital food items over the past year.
Despite the state of emergency declared on food security by President Bola Tinubu in July 2023, the latest NBS report underscores the relentless climb in food prices. The report indicates that within one year, the price of rice surged by a staggering 81.35%, and onion bulbs witnessed an even more drastic increase of 122.94%.
Breaking down the figures, the NBS disclosed that the per-kilogram price of rice rose from N506.17 in December 2022 to N917.93 in December 2023, marking an 81% increase over the year. Additionally, the average price of 1kg of onion bulbs witnessed a staggering surge of 122.94% on a year-on-year basis, soaring from N435.93 in December 2022 to N971.86 in December 2023.
On a month-over-month basis, the report further highlighted a 5.85% increase in the price of rice from N867.18 in November 2023 to N917.93 in December 2023. Similarly, the average price of 1kg of tomato rose by 7.32% from N758.65 in November 2023 to N814.16 in December 2023.
The report stated, “Selected Food Price Watch for December 2023 shows that the average price of 1kg Rice local sold loose stood at N917.93. This indicates a rise of 81.35 percent in price on a year-on-year basis from N506.17 recorded in December 2022 and 5.85% rise in price on a month-on-month basis from N867.18 in November 2023. The average price of 1kg of Beef boneless increased by 32.38% on a year-on-year basis from N2,377.29 in December of last year (2022) to N3,146.94 in December 2023. On a month-on-month basis, the average price of this item increased by 3.88% from N3,029.50 in November 2023. The average price of 1kg of Beans brown (sold loose) rose by a 48.54% on a year-on-year basis from N586.14 in December 2022 to N870.67 in December 2023. On a month-on-month basis, it increased by 3.79% from N838.85 in November 2023.
“Similarly, the average price of 1kg onion bulb rose by 122.94% on a year-on-year basis from N435.93 in December 2022 to N971.86 in December 2023, while there was an increase of 42.13% on a month-on-month basis. In addition, the average price of 1kg of Tomato rose by 77.60% on a year-on-year basis from N458.42 in December 2022 to N814.16 in December 2023. On a month-on-month basis, it increased by 7.32% from N758.65 in November 2023 to N814.16 in December 2023,” the report read.
The persistently soaring food prices are a cause for concern, especially given President Tinubu’s declaration of a state of emergency on food security in July 2023. Despite these efforts, the country continues to grapple with escalating food inflation, posing challenges for Nigerian citizens in affording basic food items.
The latest NBS report coincides with forecasts predicting that approximately 26.5 million people in Nigeria will face heightened levels of food insecurity in 2024. President Tinubu’s commitment to addressing food inflation, following the removal of the fuel subsidy, remains under scrutiny as the nation navigates the challenges of ensuring food affordability for its populace.
However, Governor of the Central Bank of Nigeria Olayemi Cardoso has projected a drop in the country’s headline inflation in 2024. The bank chief says the country’s inflation will fall to 21.4 per cent in 2024.
