The National Bureau of Statistics (NBS) has reported a significant increase in the average prices of beans, tomatoes, and Irish potatoes in June, driving a substantial surge in food prices.
According to the NBS Selected Food Price Watch for June, the price of beans, one of Nigeria’s most affordable protein sources, rose by 252.13% year-on-year to N2,293, compared to N651.12 in June 2023. Month-on-month, bean prices increased by 14.11%, from N2,009 in May.
A market survey highlighted a 53.8% surge in the price of beans for a paint rubber in Lagos, rising to N10,000 in July from about N6,500 in February.
The NBS also revealed a dramatic increase in tomato prices, which rose by 320.67% from N547.28 in June last year to N2,302 in June this year. Month-on-month, the price increased by 55.59%, from N1,480 in May 2024.
Experts attribute this surge to the tomato pest Tuta absoluta, high transportation costs, climate change, and middlemen tariffs, which drove tomato prices to record highs across Nigeria. Between May and June, a basket of tomatoes in Lagos rose to N120,000 from an average of N40,000 in April, causing many Nigerians to turn to alternatives like cucumbers and carrots.
Irish potato prices increased by 288.50% year-on-year, from N623.75 in June 2023 to N2,423 in June 2024. Month-on-month, the price rose by 51.92%, from N1,595 in May 2024.
However, the average price of white garri increased by 181.66% year-on-year, from N403 in June 2023 to N1,135 in June 2024, with a month-on-month increase of 1.86%. The average price of yams also surged by 295.79% year-on-year, from N511.77 in June 2023 to N2,021 in May 2024, and by 52.87% month-on-month, from N1,322 in May 2024 to N2,022 in June 2024.
State-level data revealed that the highest average price for 1kg of brown beans was recorded in Kogi State at N3,006, while the lowest was in Adamawa at N1,336.
Furthermore, the highest average price for 1kg of tomatoes was in Abuja at N3,992, with the lowest in Kebbi at N1,200. For yams, the highest average price for 1kg was in Lagos at N3,376, while the lowest was in Adamawa at N1,100.