In July 2024, Nigerians continue to face high costs of living despite a moderation in inflation rates. According to the latest Consumer Price Index (CPI) report from the National Bureau of Statistics (NBS), the headline inflation rate decreased slightly to 33.40%. This reduction marks the first decline since December 2022. Food inflation also fell to 39.53%, yet staple foods remain costly for many. This article provides an overview of the ten most expensive staple foods in Nigeria as of July 2024.
Inflation Overview
Headline Inflation Trends
The headline inflation rate saw a decrease from 34.19% in June 2024 to 33.40% in July 2024. This represents the first decline in over a year. Although this decrease is a positive sign, the cost of staple foods continues to strain Nigerian households.
Food Inflation Dynamics
Food inflation also experienced a drop, moving from 40.87% in June to 39.53% in July. Despite this, the prices of essential food items like garri, rice, and beans remain high, impacting the everyday lives of many Nigerians.
Top Most Expensive Staple Foods
Garri (Yellow, Sold Loose)
Garri yellow saw a significant Year-on-Year (YoY) price increase of 165.1%. It rose from N459.7 in July 2023 to N1,218.68 in July 2024. Month-on-Month (MoM), the price increased slightly by 0.39%. The highest price for Garri yellow was recorded in Gombe at N1,691.15, while Taraba had the lowest at N858.49.
Garri (White, Sold Loose)
Garri white experienced a YoY increase of 167.93%. Its price moved from N429.89 in July 2023 to N1,151.79 in July 2024. The MoM price rose by 1.43%. The highest price was in Gombe at N1,624.72, and the lowest was in Taraba at N892.98.
Rice (Local, Sold Loose)
Local rice saw a 170.34% YoY increase, with prices rising from N653.49 in July 2023 to N1,766.64 in July 2024. The MoM change was a 3.75% increase. Kogi recorded the highest price at N2,672.54, while Benue had the lowest at N1,184.53.
Irish Potato
Irish potato prices surged by 176.78% YoY, from N643.47 in July 2023 to N1,781.01 in July 2024. However, there was a significant MoM decrease of 26.5%. The highest price was observed in Osun at N3,500, whereas Kebbi had the lowest at N1,139.47.
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Sweet Potato
Sweet potato prices increased by 185.75% YoY, rising from N339.63 in July 2023 to N970.5 in July 2024. There was a MoM decrease of 0.66%. Delta had the highest price at N1,819.44, and Adamawa had the lowest at N350.
Broken Rice (Ofada)
Broken rice (Ofada) experienced a dramatic YoY price increase of 200.11%, moving from N679.22 in July 2023 to N2,038.36 in July 2024. The MoM price rose by 11.46%. Lagos had the highest price at N3,215.69, while Adamawa had the lowest at N1,271.96.
Tomato
Tomato prices surged by 203.57% YoY, increasing from N557.96 in July 2023 to N1,693.83 in July 2024. Despite a MoM decrease of 26.43%, tomatoes remain expensive. Osun had the highest price at N3,000, and Kaduna had the lowest at N761.45.
Yam Tuber
Yam tuber prices rose by 234.23% YoY, from N539.41 in July 2023 to N1,802.84 in July 2024. The MoM decrease was 10.82%. Kwara recorded the highest price at N3,894.08, while Adamawa had the lowest at N742.95.
Beans (White Black Eye, Sold Loose)
White black eye beans saw a 253.89% YoY increase, from N652.61 in July 2023 to N2,309.53 in July 2024. The MoM price increased by 7.23%. Bayelsa had the highest price at N2,952.08, and Adamawa had the lowest at N1,462.12.
Beans (Brown, Sold Loose)
Brown beans experienced the most significant YoY price increase of 262.98%, rising from N673.53 in July 2023 to N2,444.81 in July 2024. The MoM increase was 6.63%. Rivers had the highest price at N3,070.96, and Adamawa had the lowest at N1,532.23.
Conclusion
Despite a slight overall decrease in inflation rates, the prices of staple foods in Nigeria remain high. These price trends highlight the ongoing economic challenges faced by Nigerians. Understanding these price variations can aid in better financial planning and budgeting.
