Food prices soar by 97% in one year, South-East records highest increase – NBS Report 

This is according to the latest Selected Food Price Watch for November 2024, published by the National Bureau of Statistics (NBS) on January 17, 2025.

Analysis of the data shows that the average cost of food surged from N1,449.57 in November 2023 to N2,862.14 in November 2024 nationwide.

Month-on-month, food prices also climbed from N2,758.60 in October 2024, representing a 3.75% increase in just one month.

This trend reflects the growing strain on household budgets amidst economic challenges, further exacerbated by inflationary pressures, foreign exchange volatility, and rising logistics costs.

According to NBS data, “the average price of 1kg beans brown (sold loose) stood at N2,720.96. This indicates a rise of 224.37% in price on a year-on-year basis from N838.85 recorded in November 2023 and a drop –2.77% on a month-on-month basis from N2,798.50 in October 2024. Agric eggs medium size (12 piece) experienced significant price increases year on year by N135.74% from N1,202.18 in November of last year (2023) to N2,833.97 in November 2024. On a month-on-month basis, the average price of this item rose by 6.08% from N 2,671.60 in October 2024. There was also a notable price increase of onion bulb by 174.65% on a year-on-year basis from N683.78 in November 2023 to N1,878.00 in November 2024.” 

The NBS surveyed the prices of 44 food items including beans, beef, bread, catfish (obokun), dried fish, frozen chicken, garri, groundnut oil, Irish potato, rice, and others.

The report revealed that food price inflation was not evenly distributed across the country, with the South-East region bearing the brunt of the price surge.

The average food price in the region stood at N3,366.41, making it the highest in the nation. Meanwhile, the North-West region recorded the lowest average food price at N2,511.86, showcasing significant regional disparities.

Below is the breakdown of average food prices by region in November 2024:

Key Drivers: 

The sharp increase in food prices can be attributed to a combination of factors, including:

With food prices rising almost twofold in one year, many households are facing increased food insecurity. This surge in prices has outpaced wage growth, putting additional pressure on low and middle-income earners.