The average prices of 11 key staple food items in Nigeria saw a noticeable decline compared to the previous month.
This is according to the National Bureau of Statistics (NBS) food price report for August 2024.
The report highlights the month-on-month (MoM) percentage changes in the average prices of these staples, suggesting a temporary easing of food inflation pressures despite significant year-on-year (YoY) increases.
The 11 food items made up only 26% of the 43 food items listed by the NBS in its report for August, which means that the majority of the listed food items recorded a M0M increase in price amid the drop in general food inflation.
What the report shows
- Sweet potatoes recorded the largest drop, with a 12.38% decrease in August 2024, bringing the price to N850.31 from N970.50 in July. However, compared to the same period last year, sweet potatoes still saw a substantial 136.19% YoY increase. Cross River State recorded the highest price at N1,950.49, while Adamawa had the lowest price at N340.63.
- Tomato prices followed a similar trend, dropping by 11.07% MoM to N1,506.35 in August, down from N1,693.83 in July. Despite the decrease, the YoY increase remains significant at 171.72%, with Abuja having the highest tomato prices at N2,206.31, while Kaduna offered the lowest at N734.94.
- Yam tubers, a critical staple for many households, also experienced a notable price decline, falling by 7.82% MoM to N1661.80. However, the YoY rise in yam prices was steep, standing at 188.31%. Kwara reported the highest prices for yam at N3,959.58, with Adamawa offering the lowest price at N700.
- Irish potatoes saw a 7.31% price decline from N1,781.01 in July to N1,650.74 in August, while still reflecting a YoY increase of 145.13%. Kogi recorded the highest prices at N2,633.61, whereas Yobe had the lowest prices at N875.39.
- Onion bulbs, which are essential in Nigerian cuisine, saw a 5.7% decrease MoM, settling at N1,201.09 in August, compared to N1,273.75 in July. The YoY increase for onions was reported at 134.24%. Osun had the highest prices at N1,924.91, while Taraba offered the lowest at N550.
- Gari, a staple food for millions of Nigerians, also saw price reductions. Yellow gari sold loose dropped by 3.94% MoM to N1,170.65, while white gari sold loose fell by 2.38% to N1,124.40. Gombe reported the highest prices for both yellow gari (N1,697.71) and white gari (N1,631.28), while the lowest prices were recorded in Taraba at N850.
- Ripe plantain prices remained relatively stable, with a marginal decrease of 0.32%, bringing the price to N1,492.63. Ondo recorded the highest price at N2,355.23, while Plateau had the lowest at N800.5. The YoY increase for plantain was still substantial at 152.18%.
- Dried catfish prices also fell slightly by 0.22% MoM, settling at N5,099.07. The highest price was recorded in Imo at N8,562.91, while Zamfara had the lowest at N3,200.
- Maize grain, both yellow and white, saw minor price reductions. Yellow maize dropped by 0.14% MoM to N1,037.45, while white maize declined by 0.09% to N1,028.33. Kwara had the highest prices for both varieties, with N1,350.62 for yellow maize and N1381 for white maize, while the lowest prices were recorded in Taraba and Adamawa at N700 and N650, respectively.
What you should know
The headline inflation rate in August 2024 stood at 32.15%, marking a slight decrease of 1.25%-points from 33.40% in July 2024, according to the National Bureau of Statistics (NBS).
Despite this reduction on a month-to-month basis, when compared year-on-year, the August 2024 headline inflation rate increased by 6.35%-points from the 25.80% recorded in August 2023, indicating that the overall inflationary pressures are still significantly higher than they were a year ago.
On a month-to-month basis, the headline inflation rate for August 2024 was recorded at 2.22%, reflecting a marginal decrease from 2.28% in July 2024.
This means that while prices continued to rise, the rate at which they increased slowed slightly between July and August.
When it comes to food inflation, the rate in August 2024 was 37.52%, which was 8.18%-points higher than the 29.34% recorded in August 2023. The year-on-year increase in food inflation was driven by rising prices of essential food items such as bread, maize grains, yams, palm oil, and other staples.
On a month-to-month basis, food inflation stood at 2.37% in August 2024, representing a slight decrease of 0.10%-points from 2.47% in July 2024.
Staple foods have experienced significant year-on-year (YoY) price increases, largely due to inflation, supply constraints, and demand fluctuations. While some items, like yam tuber and tomato, have shown month-on-month (MoM) price decreases, most others continue to see steady growth in prices on both a monthly and yearly basis. Price variations across Nigerian states highlight regional disparities, with certain areas experiencing higher price points due to logistical and market factors.