Beans, Tomatoes, Rice Record 253%, 123%, 51% Price Hike

Written by on July 26, 2021

The cost of food items in Nigeria has been recording significant increases in the past one year.

A survey carried out in markets across Lagos, Ogun and Federal Capital Territory showed that staple food commodities have witnessed astronomical price hikes.

Findings showed that within a one-year period, the cost of 50kg of beans rose by about 253 per cent, a basket of tomatoes leaped by 123 per cent, while the price of 50kg of rice rose by 51.48 per cent.

Other commodities such as bread, garri and onions also witnessed sharp increases in their prices during the period under review.

The food commodities surveyed included rice, beans, garri, maize, tomatoes, onions and bread, while the time frames examined were July 2020, January 2021 and July 2021.

In July 2020, the cost of one mudu of rice was N420.63, while 50kg of rice was between N21,125 and N28,500.

A price increase occurred in January 2021, with one mudu of rice rising to N500, while 50kg of rice was between N23,750 and N24,500.

Farmers attributed the hike in food prices to insecurity, climate change and lack of access to inputs, among others, but made particular emphasis on the widespread level of insecurity nationwide.

Source: PUNCH

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