A staggering surge in food prices has gripped Nigeria, with average costs skyrocketing by 91.6% in just one year, according to the latest report from the National Bureau of Statistics (NBS). The report, titled ‘Selected Food Price Watch December 2024,’ revealed that the average food price climbed from N2,862.14 in November 2024 to N2,920.13 in December 2024. This marks a dramatic leap from the N1,524.63 recorded in December 2023.
Released on January 24, 2025, the report paints a bleak picture of escalating hardship, as millions of households and students face deepening crises. The relentless rise in essential food prices has rendered basic items increasingly unaffordable, compounding the struggle for survival amid an already challenging economic landscape.
The report also underscores glaring regional disparities, with the South-East emerging as the hardest-hit region. Food price inflation, while a nationwide issue, is felt more acutely in some geopolitical zones, amplifying existing economic inequalities.
As the country navigates the complexities of GDP rebasing and other macroeconomic adjustments, the food price crisis has raised urgent questions about economic policies and their real-life implications on Nigerians’ everyday lives.
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