The cost of living in Nigeria is high but moderating, with August 2024 Consumer Price Index (CPI) data showing a slowdown in inflation rates across both all items and food.
The headline inflation rate in August 2024 stood at 32.15%, marking a slight decrease of 1.25%-points from 33.40% in July 2024, according to the National Bureau of Statistics (NBS).
Despite this reduction on a month-to-month basis, when compared year-on-year, the August 2024 headline inflation rate increased by 6.35%-points from the 25.80% recorded in August 2023, indicating that the overall inflationary pressures are still significantly higher than they were a year ago.
On a month-to-month basis, the headline inflation rate for August 2024 was recorded at 2.22%, reflecting a marginal decrease from 2.28% in July 2024.
This means that while prices continued to rise, the rate at which they increased slowed slightly between July and August.
When it comes to food inflation, the rate in August 2024 was 37.52%, which was 8.18%-points higher than the 29.34% recorded in August 2023. The year-on-year increase in food inflation was driven by rising prices of essential food items such as bread, maize grains, yams, palm oil, and other staples.
On a month-to-month basis, food inflation stood at 2.37% in August 2024, representing a slight decrease of 0.10%-points from 2.47% in July 2024.
Staple foods have experienced significant year-on-year (YoY) price increases, largely due to inflation, supply constraints, and demand fluctuations. While some items, like yam tuber and tomato, have shown month-on-month (MoM) price decreases, most others continue to see steady growth in prices on both a monthly and yearly basis. Price variations across Nigerian states highlight regional disparities, with certain areas experiencing higher price points due to logistical and market factors.
Below are the 10 most expensive staple foods in Nigeria in August 2024, based on the latest data from the NBS:
10. Chicken Wings
Chicken wings experienced a YoY increase of 147.31%, rising from N1,598.87 in August 2023 to N3,954.08 in August 2024. MoM, prices rose by 2.63%, up from N3,852.70 in July 2024. Chicken wings were most expensive in Niger at N5,966.68, while Adamawa had the lowest price at N2,000.
9. Rice (Local, Sold Loose)
Local rice prices increased by 148.41% YoY, rising from N737.11 in August 2023 to N1,831.05 in August 2024. MoM, prices went up by 3.65%, from N1,766.64 in July 2024. Kogi had the highest price for local rice at N2,680.29, while the lowest price was recorded in Benue at N1,206.84.
8. Tilapia Fish (Epiya, Fresh)
Tilapia fish prices increased by 150.89% YoY, from N1,479.30 in August 2023 to N3,711.36 in August 2024. MoM, prices rose by 1.71%, from N3,648.87 in July 2024. Tilapia fish was most expensive in Ebonyi at N6,142.77, while the lowest price was recorded in Taraba at N1,900.
7. Ripe Plantain
7. Ripe Plantain
Ripe plantains saw a 152.18% YoY increase, rising from N591.89 in August 2023 to N1,492.63 in August 2024. However, there was a slight MoM decrease of 0.32% from N1,497.39 in July 2024. The highest price for ripe plantains was in Ondo at N2,355.23, while Plateau had the lowest at N800.50.
6. Unripe Plantain
The price of unripe plantains rose by 160.91% YoY, from N555.86 in August 2023 to N1,450.32 in August 2024. MoM, prices increased marginally by 1.36%, up from N1,430.83 in July 2024. Bayelsa recorded the highest price at N2,170.60, while Adamawa had the lowest price at N700.
5. Tomato
Tomatoes experienced a YoY price increase of 171.72%, rising from N554.37 in August 2023 to N1,506.35 in August 2024. The MoM change was a notable -11.07%, dropping from N1,693.83 in July 2024. The significant monthly decrease could suggest a seasonal supply surge or better harvests in the period. Tomatoes were most expensive in Abuja at N2,206.31, while the lowest price was found in Kaduna at N734.94.
4. Yam Tuber
The price of yam tubers grew by 188.31% YoY, climbing from N576.39 in August 2023 to N1,661.80 in August 2024. However, on a MoM basis, the price dropped by 7.82% compared to N1,802.84 in July 2024, indicating an easing in prices. Kwara had the highest price for yam tubers at N3,959.58, while Adamawa recorded the lowest at N700.
3. Broken Rice (Ofada)
Ofada rice prices skyrocketed by 210.38% YoY, increasing from N719.77 in August 2023 to N2,234.06 in August 2024. MoM, the price jumped significantly by 9.6%, from N2,038.36 in July 2024. This sharp rise could be linked to increased demand and production constraints. Ofada rice was most expensive in Lagos, where it sold for N3,251.63, and least expensive in Adamawa at N1,399.75.
2. Beans (White Black Eye, Sold Loose)
The white black eye beans saw a YoY price increase of 263.04%, rising from N668.22 in August 2023 to N2,425.92 in August 2024. MoM, the price grew by 5.04%, slightly lower than brown beans, from N2,309.53 in July 2024. The highest price for white black eye beans was in Bayelsa at N3,103.64, while the lowest was in Adamawa at N1,589.74, showcasing a wide regional disparity.
1. Beans (Brown, Sold Loose)
The price of brown beans sold loose surged by 271.55% YoY, reaching N2,574.63 in August 2024, compared to N692.95 in August 2023. MoM, the price increased by 5.31%, from N2,444.81 in July 2024. This steady rise can be attributed to various supply chain constraints and inflationary pressures. Akwa Ibom recorded the highest price for brown beans at N3,276.79, while Adamawa had the lowest at N1,710.92.