Food prices increased in the month of June 2023
According to the National Bureau of Statistics’ (NBS) Selected Food Price Watch for June 2023, food prices have risen considerably year on year (YoY). In June 2023, the average price of 1kg of boneless beef was N2,653.02, representing a 27.55% increase over the N2,079.93 reported in June 2022.
The average price of a kilogram of tomato grew by 24.86% between June 2022 and June 2023, rising from N438.33 to N547.28. Similarly, the average price of 1kg of local rice (sold loose) increased by 32.17% between June 2022 and June 2023, rising from N460.17 to N608.20.
Furthermore, throughout the review period, the average prices of 1kg of onion bulb and 1kg of yam tuber grew by 24.84% to N491.04 and 32.85% to N510.77, respectively. The double-digit increases during the time demonstrate the long-term impact of Nigeria’s food value chain difficulties. Supply interruptions caused by concerns such as weak transportation networks limiting access to markets, increased insecurity, and flooding across the country have all contributed to the country’s continued rise in food costs.
This supply shortfall has increased food importation into the country, raising the cost of such commodities as the exchange rate has continued to erode over time. Food price increases have a substantial impact on Nigerians’ ability to afford adequate meals. As a result, the government’s strategic support for the food system is a critical policy decision.
Improving transportation networks can increase market accessibility and food availability. Combating insecurity would also enhance food supply because more farmers will be able to carry out their tasks uninterrupted. Furthermore, the availability of financing and insurance will assist farmers in absorbing the shocks caused by output disruptions.
