The National Bureau of Statistics (NBS) has reported that average food prices in Nigeria increased from N2,862.14 in November 2024 to N2,920.13 in December 2024. This represents a 91.6% year-on-year (YoY) surge, compared to N1,524.63 in December 2023.
Key Highlights:
- Average Food Price: N2,920.13 in December 2024
- Year-on-Year Increase: 91.6%
- Month-on-Month Increase: 2.04%
- Regional Variations:
- South-East: N3,484.48 (highest)
- North-West: N2,526.72 (lowest)
Price Changes for Specific Food Items:
- Beans (Brown, Sold Loose): N2,501.32 (187.29% YoY increase)
- Onion Bulb (1kg): N2,057.81 (111.74% YoY increase)
- Palm Oil (1 litre): N2,582.35 (81.18% YoY increase)
Implications:
The rising food prices reflect broader inflationary pressures affecting households across Nigeria. Analysts attribute the surge to factors including insecurity in food-producing regions, supply chain disruptions, and rising production costs. A report by PricewaterhouseCoopers International Limited (PwC) projects that about 33.1 million Nigerians may fall into food insecurity by 2025, driven by rising inflation, persistent economic hardship, and violence in food-producing regions.
Source: Nairametrics
