In to the recent report by the Nigeria Bureau of Statistics (NBS) regarding the increase in the prices of food commodities, Nigerian citizens have lamented against the increasing rise in the prices of food commodities all over the country. They lamented that the Inflation is a way of destroying the vulnerable and poor in the country. The NBS report stated that the prices of edible items like beef, beans, yams, rice, onions and others inflated in September, 2022.
According to the report, the average price of 1kg of boneless beef saw an increase from N2,199.37 in September 2022 to N2,819.91 in September 2023, indicating an increase of 28.08 percent. On a month-on-month basis, there have been a 0.62 percent increase in 1kg of boneless beef in September from the previous N2,799.51 in August 2023. It was recorded that for many months now, the inflation in the price of food has caused many Nigerians sufferings and pains.
Introduction of policies that will address this inflation is needed.
A resident of Oshodi in Lagos State, Mr. Prosper Samuel, stated that the inflation in the prices of food items has caused a massive loss for the country. He said that his family can no longer afford to buy enough food. He further stated that reducing fiscal costs of short term intervention could help address the hike in prices. He added that income transfers, food and fertilizers subsidies, and others compensatory measures should be put in place for avoidance of excessive fiscal cost.
Also, Mr. Omotayo Basit, a student of the University of Lagos (UNILAG), stated that the prices of food rose speedily. He added that despite the inflation, he did not get any more funding from home, and has had to spend 50 percent of his school fees on food stuff. Therefore, he advised the federal government to ensure introduction of policies that will address this inflation. Another Nigerian, Miss Omotunde Amoke, said that she is unable to afford to buy a bag of rice like she used to.
Prices of essential food items have skyrocketed.
Amoke stated that the improvement of the management of public grain stock might be help in addressing the price hike. She added that poor management of the grain reserve of the government also led to the Volatility of Food Prices. NBS reported in a recent household market survey that the prices of essential food items have skyrocketed as traders lament that they no longer have gains on their trades. They decried that the previous price of two bags of rice is now used to purchase just one bag of rice.
It was reported that there was a 45.11 percent increase in the average price of 1kg of yam tuber, on a year-on-year basis, from N409.23 in September last year, to N593.83 in September 2023. The NBS report, giving state profile analysis, revealed that the highest average price of 1kg of boneless beef was witnessed and recorded in Anambra State, while the lowest price was witnessed in Kogi State, with each state having N3,800.42 and N1,845.29 respectively.
South-East has a record of the highest average price of 1kg of brown beans.
Furthermore, there is a record by the NBS of the South-East and South-South having the highest average price of 1kg of local rice, and the North-Central having the lowest price at N901.26, N824.55, and N621.93 respectively. The report also said that the South-East and South-West have a record of the highest average price of 1kg of brown beans at N995.76 and N771.37 respectively, with the North-Central recording the lowest price of 1kg of brown beans at N587.99.
