THE AVERAGE PRICE OF RICE, GARRI AND TOMATOES ROSE 141 PERCENT IN ONE YEAR, THE HIGHEST YEARLY INCREASE FOR THE PERIOD, ACCORDING TO DATA FROM THE SELECTED FOOD PRICE REPORT.
The data shows that the average price of rice rose 156 percent to N1,399 in 2024 from N547 in the same period of 2023.
Also, the average price of garri – a major consumed staple by low and middle income surged 135 per cent from N363 in April 2023 to N852 in the corresponding period in 2024.
On a month-on-month basis, it surged 13.59 per cent from N750 in March to N1,554 in April.
The selected food price report shows that the average prices of food items such as onion, rice, beans, bread, beef, tomato and garri, rose considerably in April, accelerating food inflation to 40.5 per cent in April.
The average price of tomatoes increased 17.9 percent from N960 in March to N1,123 in April. It increased 132 per cent year-on-year from N485 in the same period last year.
Also, the average price of 1kg garri white (sold loose) increased 13.59 per cent from N750 in March to N852 in April. The commodity increased 135 per cent on a year-on-year basis compared to the same period in 2023.
Additionally, the average price of 1kg beans brown (sold loose) rose by 125 per cent on a year-on-year basis from N616 in April 2023 to N1,388 in April 2024, while there was an increase of 12.44 per cent on a month-on-month basis.
On a state basis, the report stated that Niger recorded the highest price of a kg local parboiled rice at N1,785 while the lowest was recorded in Benue state at N994.
Analysis by zone showed that the average price of 1kg rice local sold loose was highest in the South-West at N1,615, followed by the South-South at N1,565, while the North-West recorded the lowest average price at N1,163.
Still by zone, the average price of 1kg of garri white was highest in the South-South and the South-West at N1,031 and N982, respectively, while the lowest was recorded in the North-West at N682. [BusinessDay
