Top 10 most expensive foods in Nigeria for October 2024

Nigeria's headline inflation rate increased by 1.18 percentage points from September to October 2024, from 32.7% to 33.88%.

The National Bureau of Statistics Consumer Price Index study states that rising food and transportation expenses are mostly to blame for the inflation increase. Since inflation is still a major problem that affects millions of Nigerians' cost of living, this poses a serious economic dilemma.

The cost of staple goods in particular has been steadily rising, which is indicative of larger economic difficulties.

Significant price hikes were noted for a number of important goods among Nigeria's top ten most costly staple foods in October 2024:

Local Rice (Sold Loose): The price of local rice increased by an astounding 137.32% in the past year. The typical cost in October 2024 reached N1,944.64, compared to N819.42 in October 2023. This price surge reflects ongoing inflationary pressures and supply chain challenges. Additionally, local rice experienced a 1.56% month-on-month increase, with regional price variations ranging from N1,267.25 in Benue to N2,693.41 in Kogi.

Agricultural Rice (Sold Loose):
Agricultural rice, commonly sold by local farmers, also saw a significant price hike of 138.90% year-on-year. In October 2024, the average price was N2,023.68, up from N847.08 in the previous year. The increase was further compounded by a 2.95% month-on-month rise, with prices across states showing substantial variation. The highest price was recorded in Nasarawa, where the average cost reached N3,120.49.

Ripe Plantain:
Ripe plantain, a staple in many Nigerian households, saw a price increase of 140.19% year-on-year, bringing the average price to N1,507.21 in October 2024, up from N627.50 in the previous year. Month-on-month, the price rose modestly by 0.45%, from N1,500.43 in September 2024. The price of ripe plantain varied greatly across Nigeria, with Edo State having the highest price at N2,245.33, and Taraba recording the lowest at N600.

Medium-Sized Agric Eggs:
Eggs, a critical source of protein in Nigeria, saw an exceptional price increase of 140.21% year-on-year, with the average price reaching N2,671.60 in October 2024, up from N1,112.22 in October 2023. The price surge was especially notable in the month-on-month comparison, with a 7.42% increase, rising from N2,487.04 in September 2024. Bauchi had the highest price for medium-sized eggs at N3,450.00, while Adamawa recorded the lowest price at N2,050.00.

Imported High-Quality Rice (Sold Loose):
Imported high-quality rice, known for its superior quality, saw a 143.21% increase in price, rising from N1,016.12 in October 2023 to N2,471.28 in October 2024. This surge reflects both local inflationary pressures and volatility in global rice markets, which have been exacerbated by the weak naira. Prices of imported rice also increased 2.80% from N2,403.86 in September 2024, with Kogi State recording the highest price of N3,187.35, and Niger having the lowest at N2,017.04.
Yam Tubers: A staple of Nigerian cuisine, yam tubers had a significant price increase of 148.02% year over year, averaging N1,705.58 in October 2024 as opposed to N687.68 the year before. Numerous factors, such as high transportation costs and weather-related delays in yam farming, contributed to this sharp surge. The price rose from N1,668.49 in September 2024 by 2.22% each month. Adamawa reported the lowest price for yam tubers at N775.00, while Kwara State had the highest price at N4,011.57.

Unripe Plantain: Another common staple, unripe plantains witnessed a startling 152.26% price increase in just one year. October 2024 had an average price of N1,539.66, up from N610.34 the year before. Monthly prices increased by 1.89%, from N1,511.09 in September 2024. The highest price for unripe plantain was reported in Akwa Ibom, where the price reached N2,220.14, while Borno had the lowest price at N822.01.

Broken Rice (Ofada Rice):
Local varieties of rice, particularly Ofada rice, experienced an extraordinary price surge of 199.16% year-on-year, with the average price rising from N811.83 in October 2023 to N2,428.65 in October 2024. The price increased 2.93% month-on-month, from N2,359.47 in September 2024. Osun State reported the highest price for broken rice at N3,400.00, while Adamawa had the lowest price at N1,425.00.

White Beans (Black Eyed):
The price of white beans (black-eyed beans) surged by 238.04% year-on-year, reaching an average price of N2,603.32 in October 2024, up from N770.13 in October 2023. Month-on-month, the price increased slightly by 0.94%, from N2,579.02 in September 2024. The highest price for white beans was reported in Akwa Ibom at N3,199.58, while Yobe had the lowest price at N1,643.62.

Brown Beans:
Brown beans, the most expensive staple in Nigeria in October 2024, experienced a staggering 254.23% price increase year-on-year, with an average price of N2,798.50 in October 2024, compared to N790.01 in October 2023. This is the highest price increase of all the food items listed. Brown beans also saw a 2.19% month-on-month rise, from N2,738.59 in September 2024. Bauchi State reported the highest price for brown beans at N3,750.00, while Yobe had the lowest price at N1,749.52.

The sharp price increases in staple foods like rice, yam, plantains, and beans have placed significant strain on households, particularly those in lower-income brackets. Factors contributing to the rising food prices include high transportation costs, inflation in the agricultural sector, and climatic disruptions affecting local food production.
The financial stability of millions of households in Nigeria is still being threatened by the country's growing inflation rate. Given the steep rise in food costs and the growing inaccessibility of critical products for many, the government must give priority to policies that reduce inflation and assist those in need.