Nigerians Face More Hardship As Prices Of Rice, Beans, Garri, Others Surge By 50%

Amidst mounting challenges, Nigerians are grappling with a surge in the prices of essential commodities, with staples like rice, beans, garri, and others witnessing a staggering 50% increase in cost.

Based on a recent market survey, it’s been observed that over the past two months, prices of basic food items in Nigeria have surged by at least 40%. As of Monday, 11 February 2024, staples such as rice, beans, garri, groundnut oil, tomatoes, and bread have experienced a dramatic spike in prices, soaring by over 40% from December 2023 to February 2024.

The survey conducted on Monday revealed alarming figures: a 50kg bag of rice escalated to N65,000 from N35,000; beans surged to N1,600 per mudu measurement from N800; a 50kg bag of garri skyrocketed to N39,500 from N22,000.

Additionally, the cost of a carton of Super Pack-sized noodles surged to N11,140 from N6,000, while 25 liters of groundnut oil climbed to N57,000 from N34,000.

Similarly, the price of a crate of eggs surged to N3,700 from N2,500, and a 50kg bag of sugar jumped to N85,000 from N40,000. The cost of a 900g loaf of bread surged to N1,200 from N600, while a 1kg pack of semovita rose to N1,400 from N900. Even tomatoes, measured in small dustbin baskets, surged to N4,000 from N1,500, among other significant increases.

These statistics reveal substantial spikes: rice recorded a 46.2% increase, beans surged by 50%, garri by 45%, groundnut oil by 40%, eggs by 32%, sugar by 52.9%, bread by 50%, Indomie by 46%, semovita (1kg) by 25%, and tomatoes in small dustbin baskets by a whopping 62%.

The National Bureau of Statistics highlights a concerning trend, with December’s consumer price index indicating a food inflation rate of 33.93%.

Consequently, this surge in food prices has led to widespread lamentation among Nigerians, who are struggling to cope with the escalating cost of living, particularly under the administration of President Bola Ahmed Tinubu.