Economic hardship has deepened for Nigerians as the prices of staple foods like garri, beans, yam, and tomatoes surged by at least 180 percent in June 2024 compared to the same period last year. This price increase occurs amidst looming nationwide protests.
The National Bureau of Statistics revealed these figures in its June Selected Food report, released on Wednesday. The report analyzed the prices of essential foods such as garlic, beans, tomatoes, yam, and potatoes, noting significant increases both on a year-on-year (YoY) and month-on-month (MoM) basis.
Specifically, the price of one kilogram of garri (white) skyrocketed by 181.66 percent YoY, from N403.15 in June 2023 to N1,135.51 in June 2024, with a 1.86 percent MoM increase. Similarly, the cost of 1kg of brown beans (sold loose) rose to N2,292.76, marking a 252.13 percent YoY jump from N651.12 in June 2023.
The price of a 1kg yam tuber saw an extraordinary 295.79 percent YoY increase, from N510.77 in June 2023 to N2,021.55 in June 2024. On a MoM basis, it climbed by 52.87 percent, from N1,322.36 in May 2024 to N2,021.55 in June 2024. Similarly, 1kg of tomatoes increased by 320.67 percent YoY, reaching N2,302.26 in June 2024, up from N547.28 in June 2023.
The report also highlighted a notable 288.5 percent YoY increase in the price of Irish potatoes, from N623.75 in June 2023 to N2,423.27 in June 2024.
A state-by-state analysis showed Lagos state recorded the highest price for a 1kg tuber of yam at N3,376.54, while Adamawa had the lowest price at N1,100.00. Gombe reported the highest average price for 1kg of loose white garri at N1,619.27, whereas Taraba had the lowest at N900.
In June, core and food inflation rates stood at 34.19 percent and 40.87 percent, respectively, indicating a continued decline in the purchasing power of Nigerians and a worsening misery index.
As Nigerians prepare for a national protest scheduled for August 1, 2024, President Bola Ahmed Tinubu has urged citizens to call off the planned protests. He emphasized the need for time to allow government policies, including a new minimum wage of N70,000, to take effect positively.
In response, Nigerian governors and ministers are seeking dialogue to prevent the planned protest.
(DailyPost)