In recent months, staple food prices in Nigeria have skyrocketed, according to a market survey conducted by Media Talk Africa. The survey, carried out on Monday, 11 February 2024, revealed that the prices of essential items such as rice, beans, garri, groundnut oil, tomatoes, and bread have surged by over 40 percent from December 2023 to February 2024.
The findings of the survey illustrate the dramatic spike in prices: for instance, a 50kg bag of rice now costs N65,000, up from N35,000, while a similar increase was seen in the prices of beans, garri, and groundnut oil. Other significant hikes include a crate of eggs, a 50kg bag of sugar, and a loaf of bread, all of which have experienced substantial price elevations.
These increases have resulted in alarming percentages of inflation for certain food items, further exacerbating the cost of living for the average Nigerian. The National Bureau of Statistics has reported that December’s consumer price index showed a 33.93 percent rise in food inflation, indicating the magnitude of the issue.
As a consequence, Nigerians are expressing profound concerns about the heightened cost of living, particularly amidst the presidency of Bola Ahmed Tinubu. These inflated prices add to the existing economic challenges faced by many in the country, amplifying the hardships experienced by the population.
