Nigeria’s economy has been grappling with significant inflationary pressures, which have notably impacted the prices of staple foods.
The headline inflation rate in June 2024 surged from 33.95% in May 2024 to 34.19% in June.
The headline inflation rate in June 2024 was 11.40%-points higher compared to June 2023, rising from 22.79%.
On a month-on-month basis, the headline inflation rate in June 2024 was 2.31%, an increase of 0.17%-points from May 2024’s rate of 2.14%.
In June 2024, many of these essential items have seen dramatic price increases compared to the previous year, making it increasingly challenging for Nigerians to afford basic foodstuffs.
The food inflation rate in the month under review was 40.87% year-on-year compared to 40.66% recorded in May 2024. This is 15.62%-points higher than the rate of 25.25% recorded in June 2023.
On a month-on-month basis, the food inflation rate in June 2024 was 2.55%, reflecting a 0.26%-point increase from May 2024’s rate of 2.28%.
Below are the ten most expensive staple foods in Nigeria in June 2024, based on the latest data from the National Bureau of Statistics (NBS):
Leaving its previous spot as the third most expensive food item, broken rice (Ofada) has an average price of N1,828.84 in June 2024, a modest 5.21% increase from May 2024 and a 183.31% rise year-on-year. Osun had the highest prices at N3,000, with Kebbi having the lowest at N1,234.83.
It was the most expensive food item in May 2024. sweet potatoes are priced at an average of N976.96 in June 2024, showing an 8.16% increase from May 2024 and a 206.71% rise year-on-year. Delta reported the highest prices at N1,815.15, while Kaduna had the lowest at N482.10.
Maintaining the eighth spot, ripe plantains are sold at an average price of N1,417.13 in June 2024. This is a 28.09% rise from May 2024 and a 214.79% increase from June 2023. Ondo recorded the highest prices at N2,900.53, with Plateau having the lowest at N730.
The average price of onion bulbs in June 2024 is N1,547.78, marking a 32.41% increase from May 2024 and a 215.2% rise year-on-year. Lagos had the highest prices at N2,309.10, while Kebbi had the lowest at N831.81.
After being the second most expensive food item in May 2024, unripe plantains are priced at an average of N1,325.63 in June 2024, reflecting a 16.38% increase from May 2024 and a 224.36% rise from June 2023. Oyo reported the highest prices at N2,218.57, while Plateau had the lowest at N680.
White black-eyed beans, sold loose, saw their average price rise to N2,153.87 in June 2024. This is a 16.56% increase from the previous month and a 245.84% increase year-on-year. The highest price was recorded in Nasarawa at N2,980 and the lowest in Adamawa at N1,479.64.
Brown beans, sold loose, are priced at an average of N2,292.76 in June 2024. This represents a 14.11% increase from May 2024 and a 252.13% rise year-on-year. Kogi recorded the highest prices at N3,006.43, with Adamawa having the lowest at N1,336.11.
Leaving the seventh most expensive spot in the previous month, Irish potatoes have also experienced a sharp price increase, averaging N2,423.27 in June 2024. This is a 51.92% rise from May 2024 and a 288.5% increase from the previous year. Ogun had the highest prices at N3,935.81, while Sokoto had the lowest at N1,369.31.
From the fifth position in the previous month, yam tubers, a dietary staple in Nigeria, have seen their average price rise to N2,021.55 in June 2024, a 52.87% increase from the previous month and a 295.79% increase year-on-year. Lagos reported the highest prices at N3,376.54, whereas Adamawa had the lowest at N1,100.
Tomatoes are the most expensive staple food in Nigeria, with an average price of N2,302.26 in June 2024. This represents a significant increase of 55.59% from May 2024 and a staggering year-on-year rise of 320.67% from June 2023. The highest price for tomatoes was recorded in Abuja at N3,992.61, while the lowest price was in Kebbi at N1,200.
