The prices of three major foods in Nigeria surged to the highest levels in years in February, according to new government figures.
The price of 1kg of boneless beef was N1,922 in February 2022. By December, it reached N2,377 band then N2,419 in January 2023. In February, it rose to N2,446, according to the National Bureau of Statistics.
A kilogramme of uncooked local rice rose from N437 in February 2022 to N515 in January, and N520 in February. Likewise, 1kg of yam tuber rose from N339.8 in February 2022 to N436.4 in February 2023.
Nigeria has seen its highest inflation since 2005, prompting a string of interest rate hikes by the central bank.
Food inflation, which accounts for the bulk of Nigeria’s inflation basket, rose on average to 24.35% in February from 24.32% a month earlier.
The three specific food items from the basket show steeper rise in prices, with as much as 28% jump over prices recorded a year earlier, a significant burden for most Nigerians struggling for years through difficult economic conditions.
– Amongst most popular
Rice and yam are amongst the most popular foods in the country, and many families rely on beef for protein.
The statistics bureau said when states are compared, meat was most expensive in Anambra and cheapest in Kogi during the period.
Rice was most expensive in the south-south region, and least in the north-west, it said.
Analysts have attributed high prices of food in the country to high price of fuel, insecurity and lately an unsettling currency redesign by the central bank.
High food prices and insecurity are amongst challenges facing a new government in the country expected to be inaugurated on May 29.
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