Nigerians Grapple with Soaring Food Prices, Staple Commodities Surge by 50%
In a troubling development for households across Nigeria, the prices of essential food items have skyrocketed by an alarming 50% in recent months, exacerbating the already challenging economic conditions in the country.
A comprehensive market survey conducted by DAILY POST revealed staggering increases in the prices of staple foods such as rice, beans, garri, groundnut oil, tomatoes, bread, and more. From December 2023 to February 2024, these household necessities witnessed an unprecedented surge, leaving many Nigerians grappling with the harsh reality of food insecurity.
Among the notable price hikes, a 50kg bag of rice surged from N35,000 to a staggering N65,000, marking a whopping 46.2% increase. Similarly, beans experienced a 50% surge, with prices soaring to N1,600 per mudu measurement from N800. Garri, another dietary staple, witnessed a significant spike of 45%, with the price of a 50kg bag surging to N39,500 from N22,000.
The upward trend extended to other essential items, including groundnut oil, tomatoes, and bread, which recorded increases of 40%, 62%, and 50%, respectively. Groundnut oil surged from N34,000 to N57,000 for a 25-liter container, while a crate of eggs rose from N2,500 to N3,700, reflecting a 32% increase. Additionally, the price of sugar surged by a staggering 52.9%, with a 50kg bag now priced at N85,000, up from N40,000.
The impact of these price hikes extends beyond the dining table, with consumers also feeling the pinch when purchasing other household staples. Indomie noodles, a popular convenience food, witnessed a surge of 46%, with prices climbing from N6,000 to N11,140 per carton of Super Pack noodles. Semovita, a common household staple, experienced a 25% increase, with prices rising from N900 to N1,400 for a 1kg pack. Tomatoes, an essential ingredient in many Nigerian dishes, surged by a staggering 62%, reaching N4,000 per small dustbin basket from N1,500.
The surge in food prices comes at a time when Nigerians are already grappling with high inflation rates and dwindling purchasing power. According to data from the National Bureau of Statistics, food inflation rose to 33.93% in December, further exacerbating the economic challenges facing ordinary citizens.
The soaring cost of living has sparked widespread concern among Nigerians, with many expressing frustration over the government’s handling of the economy. President Bola Ahmed Tinubu’s administration is under increasing pressure to address the root causes of the economic downturn and implement measures to alleviate the plight of struggling citizens.
As Nigerians brace themselves for the continued economic uncertainty, there are growing calls for urgent action to stabilize food prices and alleviate the hardships faced by millions of households across the country.
