In the wake of the removal of fuel subsidy by President Bola Tinubu’s administration, Nigerians are grappling with an escalating challenge as food prices continue to soar.
The combination of fuel hardship caused the removal of subsidies has had a significant impact on transportation costs, resulting in a sharp increase in the prices of essential food items.
However, according to the latest report from the National Bureau of Statistics (NBS), the distressing trend in food prices across the nation resumed in the first quarter of the year, just after the general elections in March.
The NBS’ Selected Food Prices Watch Report for April, released on Saturday, highlights that key food items such as tomatoes, beans, and yams have experienced substantial price hikes, causing widespread concern among consumers.
The average price of 1kg of tomatoes witnessed a year-on-year increase of 13.73 per cent, soaring from N426.54 in April 2022 to N485.10 in April 2023, the NBS revealed. Furthermore, on a month-on-month basis, tomato prices surged by 3.97 per cent from March 2023.
“The sharp rise in tomato prices is a cause for concern and can be attributed to the combined effects of fuel hardship and transportation costs. These factors have contributed to the increased production and distribution costs in the tomato supply chain,” the report said in part.
Brown beans, another dietary staple, experienced a significant price surge. The report indicates a year-on-year increase of 16.03 per cent for 1kg of brown beans, with prices rising from N530.62 in April 2022 to N615.67 in April 2023. On a month-on-month basis, brown beans prices increased by 3.13 per cent during April.
Highlighting the impact on households, the NBS report emphasized, “The rising prices of brown beans pose a considerable burden on consumers, particularly low-income families. These price hikes can be attributed to higher transportation costs and disruptions in the supply chain.”
The average price of 1kg of onion bulb also witnessed a year-on-year increase of 15.87 per cent, reaching N441.38 in April 2023. However, there was a slight month-on-month decline of 0.67 per cent compared to March 2023.
Yam, a staple crop in Nigeria, faced a notable price surge as well. The average price of 1kg of yam rose by 23.12 per cent year-on-year, reaching N444.69 in April 2023. On a month-on-month basis, yam prices increased by 0.38 per cent during April.
The report also shed light on the escalating cost of meat, with boneless beef prices rising by 23.13 per cent. The average price of 1kg of boneless beef increased from N2,026.8 in April 2022 to N2,495.69 in April 2023. Month-on-month, boneless beef prices increased by 0.65 per cent.
The NBS report further underscored the regional disparities in food prices across Nigeria. Imo State for example, recorded the highest average price of 1kg of boneless beef at N3,277.11, while Kogi State had the lowest at N1,789.67.
Similarly, the average price of 1kg of tomato was highest in the South-South and South-East at N849.02 and N647.96 respectively, while the lowest price was recorded in the North-East at N256.13.
TheNewsGuru.com (TNG) reports that the rising cost of basic staple food items particularly boneless beef, has been worsened by the removal of fuel subsidy and further compounds the challenges faced by Nigerians in meeting their dietary needs.
Analysts say to address the pressing issue of fuel hardship and soaring food prices in the country, there is need for the government to implement targeted mitigation measures that would stabilize food prices and alleviate the burden on Nigerian households.