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According to a recent market survey, prices of staple foods in Nigeria have increased by at least 40 per cent in the last two months. Some specific price increases include a 50kg bag of rice rising from N35,000 to N65,000, beans increasing from N800 to N1,600 per mudu measurement, and a 50kg bag of garri increasing from N22,000 to N39,500. Prices of other essential foods such as groundnut oil, noodles, eggs, sugar, bread, indomie, semovita, and tomatoes have also experienced significant hikes.
The figures show that certain foods have recorded substantial increments, with rice increasing by 46.2 per cent, beans by 50 per cent, garri by 45 per cent, groundnut oil by 40 per cent, eggs by 32 per cent, sugar by 52.9 per cent, bread by 50 per cent, indomie by 46 per cent, semovita by 25 per cent, and tomatoes by 62 per cent.
The increase in food prices is adding to the high cost of living in Nigeria, with the consumer price index showing a food inflation rate of 33.93 per cent in December. Due to these rising costs, Nigerians are expressing their dissatisfaction with the current state of the economy under President Bola Ahmed Tinubu.
