Latest News on Staple Food Prices – February 12, 2024

Market Shock as Essential Food Prices Soar by Nearly 100%

In a recent survey conducted at Mararaba Market, Nasarawa State, eye-watering increases in staple food prices have left consumers and traders grappling with the harsh realities of inflation. The situation is dire, with some items doubling in price within just nine months.

Key Findings:

1. Bag of Rice: Soars from N35,000 to N65,000, a staggering 85.7% increase in just nine months.
2. Flour: Witnesses a sharp rise from N28,000 to N50,000, indicating a whopping 78.6% surge.
3. Beans: Jumps to N62,000 from an earlier price of N/A, reflecting the gravity of the inflationary pressure on food commodities.
4. Garri: Yellow garri spikes from N25,000 to N40,000, while white garri experiences a significant surge from N13,000 to N30,000.
5. Mackerel (Titus): The cost of a ‘long slate’ surges to N105,000, up from N78,000, indicating a substantial 34.6% increase.
6. Corn: Witnesses an alarming spike, jumping from N19,000 to N60,000, raising concerns about affordability.
7. Millet: Prices surge from N18,000 to N55,000, amplifying the economic burden on consumers.
8. Palm Oil: A 25-litre container, which sold for N31,000, now commands N41,000, further contributing to the economic strain on households.

READ ALSO: Latest News On Cement Prices – February 11, 2024

Impact on Traders and Consumers:

• Traders like Urah Chidiebere and Bartholomew Ugwujah express deep concern about reduced sales and the economic challenges faced by ordinary Nigerians.
• Bartholomew Ugwujah highlights the drastic impact on his business, revealing a significant reduction in stock due to escalating prices.

Factors Contributing to Inflation:

• The removal of the petrol subsidy by President Bola Tinubu and the subsequent CBN policy of floating the naira are cited as key contributors to the inflationary spiral.
• Experts acknowledge the policies but highlight the adverse effects on petrol prices, which have skyrocketed from N145 to N630 per litre.

Public Response and Protests:

• Protests erupt in two northern states, Niger and Kano, as citizens voice their frustrations over soaring food prices.
• Yoruba market women in Ogun criticize President Tinubu, attributing economic hardships to his policies, with some even threatening physical confrontation.

President Tinubu’s Response:

• President Tinubu acknowledges the prevailing hardships and urges Nigerians to show understanding, emphasizing ongoing financial re-engineering efforts.

Celebrity Commentary:

• Fuji maestro, Wasiu Ayinde (Kwam 1), a former praise singer for Tinubu, joins the chorus of discontent, expressing concerns about the nation’s economic challenges.

The steep rise in food prices underscores the urgent need for economic interventions to alleviate the burden on the Nigerian population. As citizens grapple with these challenges, the nation looks to its leaders for swift and effective measures to stabilize the economy and ensure food security for all.

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