NBS: Prices Of Rice, Garri, Yam Surge By Over 100%

NBS: Prices Of Rice, Garri, Yam Surge By Over 100%

Recent statistics released by the National Bureau of Statistics (NBS) have revealed a significant surge in the prices of essential staple foods in Nigeria, severely impacting households across the nation…..READ ALSO Price Of 5kg Cooking Gas Soars To N6,154.50 In February – NBS

According to the NBS-selected food price watch for February 2024, the cost of rice, garri, and yam—staples in the Nigerian diet—has soared dramatically over the past year.

The data highlights a staggering 134.81 percent increase in the price of 1kg of local rice, reaching N1,222.97 in February 2024 from N520.84 in the same month last year.

Similarly, garri, a widely consumed derivative of cassava, saw its average price jump to N723.45 from N345.88 in February 2023, marking a 109.16 percent rise. The price of yam experienced a 131.33 percent surge, reaching N1009.56 compared to N436.41 in the preceding year.

The month-on-month analysis reveals a relentless upward trend, with rice, garri, and yam prices experiencing increases of 19.69 percent, 20.44 percent, and 11.93 percent, respectively.

These inflationary pressures exacerbate the cost of living challenges faced by Nigerian families, many of whom are already under financial strain. Additionally, the price of 500g of sliced bread surged by 89.48 percent between February 2023 and February 2024.

The price surge in staple foods reflects broader economic challenges confronting Nigeria, including currency depreciation, supply chain disruptions, and various socio-economic factors.

As families struggle to adapt to these harsh economic realities, calls for interventions by the government and relevant stakeholders have intensified, with many advocating for policies and measures to stabilize food prices and ensure accessibility to basic nutritional needs for all Nigerians.

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