Economic Crunch: Nigerians Struggle as Food Prices Reach Unprecedented Highs
The escalating food inflation in Nigeria has rendered basic food items, such as garri, rice, and others, unaffordable for many citizens. This surge, coupled with President Bola Tinubu’s decision to end fuel subsidy payments, has added complexity to the rising prices of essential foods.
The National Bureau of Statistics reports a food inflation rate of 35.41% in January 2024, up from 33.93% in December 2023.
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A market survey by Ejes Gist News reveals doubling prices of food products.
Bread
With bread becoming a luxury for the average wage earner. Bakers lament rising costs of baking essentials and the foreign exchange crisis, leading to closures and instability.
Garri
The beloved staple, garri, deeply ingrained in Nigerian culture, is now a luxury item as prices soar. The same plight affects beans, a widely consumed food with nutritional value.
Rice
Meanwhile, rice, a staple with a per capita consumption rate of 32kg, experiences significant price hikes, impacting the average Nigerian household.
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Beans
Beans rank among Africa’s most widely consumed and essential foods, particularly in Nigeria, standing as the fourth most-consumed item after cassava, yam, and rice.
Its consumption is strongly advocated due to its myriad health benefits and nutritional value, serving as a primary source of protein compared to other protein-rich foods in Nigeria.
However, the prices of beans have surged in recent times. Presently, in numerous markets throughout Nigeria, a half-paint of beans, previously priced at N1,250, now commands N2,000.
Egg
Egg prices, once an economical source of protein, have persistently surged. Poultry farmers attribute this to escalating costs of key ingredients for poultry feeds.
The consequence is a transformation of eggs into a luxury commodity, with prices ranging between N3,800 and N4,000 per crate, varying according to size.
The continuous rise in these staple food prices has significantly reduced the buying capacity of Nigerians, exacerbating challenges in meeting daily dietary needs.
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