NBS acknowledge prices of staple foods have more than doubled within a year
By Jeph Ajobaju, Chief Copy Editor
Prices of staple foods such as rice, garri, and yam more than doubled in the past year, the National Bureau of Statistics (NBS) acknowledged in its latest report which tallies with the real life experience of Nigerians across all social strata.
The report said the price of rice hiked 134.81 per cent year-on-year (YoY), garri 109.16 per cent, and yam 131.33 per cent in February 2024 compared to February 2023.
It added the price of 500g of sliced bread went up 89.48 per cent between February 2023 and February 2024.
The NBS explained that, YoY in naira terms, the price of
- 1kg of local rice rose 134.81 per cent to N1,222.97 in February 2024 from N520.84 in February 2023.
- Garri increased to N723.45 in February 2024 from N345.88 in February 2023.
- Yam shot up to N1,009.56 in February 2024 from N436.41 in February 2023.
MoM price rises
According to the NBS, the price of rice jumped 19.69 per cent month-on-month (MoM) in February 2024, garri 20.44 per cent, and yam 11.93 per cent against January 2024.
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