National Bureau of Statistics report reveals that inflation has soared by over 100% over the last year

NIGERIANS are facing a very bleak summer period as the cost of basic foodstuffs has soared by over 100% over the last year and looks set to continue spiralling for the foreseeable future according to a recent survey published by the National Bureau of Statistics (NBS).

In a recent report titled Selected Food Price Watch for March 2024, the NBS reported that the prices of rice, garri, yam, beans and other food items have been surging of late. Records show that the average price of 1kg of white garri rose by 112.34% on a year-on-year basis from N353.16 in March 2023 to N749.89 in March 2024, while there was an increase of 3.66%  on a month-on-month basis.

Also, the cost of a 1kg of rice sold for N1,340.74, indicating a rise of 152.93% on a year-on-year basis from the N530.08 recorded in March 2023 and a 9.63% rise on a month-on-month basis from N1,222.97 in February 2024. According to the NBS's state profile analysis, the highest average price rice of a 1kg of rice was recorded in Niger State at N1,699.98, while the lowest increase was recorded in Benue state at N985.83.

In addition, the average price of 1kg tuber of yam rose by 141.25% on a year-on-year basis from N443.02 in March 2023 to N1,068.78 in March 2024.  On a month-on-month basis, it increased by 5.87% from N1,009.56 in February 2024 to N1,068 in March 2024.

Regarding the average price of 1kg of brown beans brown, Ondo State recorded the highest price at N1,596.68, while Sokoto recorded the lowest price at N745.5. Ogun State recorded the highest average price of 1kg of white garri at N1021.13, while the lowest was reported in Benue at N490.55.

The highest average price of 1kg tuber of yam was recorded in Edo State at N 1,695.13, while the lowest average price was recorded in Katsina State at N723.39. This development comes amid the soaring price of other essentials, with food inflation standing at 40.01% in March 2024.