What to Know About Rising Costs for Staples Like Bread and Milk
| According to the National Bureau of Statistics (NBS), food prices in Nigeria showed moderate fluctuations in the five weeks ending 4th May 2025. The retail prices of major staple foods such as brown beans, garri, rice, maize, sorghum, soyabeans, white beans, and yam were tracked across five weeks, highlighting short-term inflationary trends within the food market. Among the key staples, brown beans rose marginally by 1.42%, from ₦2,043 on 6 April to ₦2,072 on 4 May. Garri experienced a relatively stable trend, increasing by 1.40%, from ₦858 to ₦870 over the same period. Imported rice recorded a slight decrease of 0.60%, while local rice saw a 0.30% increase, reflecting stability in rice markets despite regional supply chain concerns. Maize white and maize yellow saw noticeable price increases of 0.95% and 1.86%, respectively, possibly driven by rising demand for livestock feed and seasonal planting pressures. Sorghum and soyabeans recorded more significant gains, climbing by 3.44% and 3.49%, indicating increasing demand and potential supply constraints. White beans rose modestly by 0.88%, while yams showed consistent week-on-week growth, ending the period with a 3.15% increase from ₦1,557 to ₦1,606. The steady uptick in yam and grain prices suggests incipient food inflation, potentially driven by seasonal planting cycles, transportation costs, and insecurity in food-producing regions. While most price changes remained moderate, the cumulative trend points indicates increasing pressure on household food budgets. Continued monitoring of food prices is essential as Nigeria navigates climate variability, fuel subsidy reforms, and FX market adjustments. Policymakers must consider scaling up investments in agricultural value chains, improving storage infrastructure, and enhancing logistics efficiency to mitigate food inflation and ensure affordability. |
