Nigeria’s Stagflation Woes Escalate as Food Inflation Reaches Alarming Levels
The cost of basic necessities has skyrocketed over the past few months, leaving many Nigerians facing a daunting struggle to get by. The prices of staple foods like beans, rice, palm oil, and tomatoes have skyrocketed, putting a tremendous squeeze on household budgets across the country.
A key factor contributing to this crisis is the spiraling cost of fuel, which has driven up transportation costs for agricultural products from rural areas to urban markets. This economic pressure has made it all but impossible for farmers and transporters to move goods efficiently, resulting in devastating price hikes.
The consequences of soaring food prices are far from trivial. Many Nigerians are now struggling to scrape together enough money to secure a basic meal, placing a significant strain on those already living on the thin margin of poverty.
Economic commentators are urging the government to take immediate action to ease the burden of fuel costs, which they see as a critical driver behind this crisis. They are cautioning that continued price shocks could push even more families into food insecurity.
As President Tinubu’s administration tackles this pressing issue, stakeholders are calling for measures that can stabilize fuel costs, ease the transportation of essentials, and make basic foods more affordable for the average Nigerian.
With prices continuing to rise, citizens are yearning for swift relief from this crisis, fearing that further price hikes could bring even more hardship to hard-pressed households.
Here are the current prices for a selection of essential food staples:
**Rice Prices:**
*
Mama’s Pride Rice (per bag): ₦95,000
25kg rice bag: ₦47,500
Khemji Bag of Rice: ₦103,000
**Bean Prices:**
*
Sweet Pure Butter Beans (50kg): ₦160,000
Soyabeans Very Dried: ₦130,000
Peleed Beans (20kg) for Moi Moi: ₦80,000
2.5kg Neat and Picked Pure Oloyin Sweet Beans: ₦8,500
**Garri Prices:
*
50kg Bag of Garri: ₦55,000
100kg Bag of Garri: ₦100,000
**Tomato Prices:**
*
Fresh Deric tomatoes (Big Basket): ₦180,000
Medium Basket: ₦95,000
Small Basket: ₦40,000
**Spaghetti Prices:**
*
5liter gallon: ₦ 7,500
25 litre gallon: ₦55,000
