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Since President Bola Tinubu assumed office on May 29, 2023, Nigeria has experienced a significant increase in inflation, leading to a rise in the prices of staple food items.
The National Bureau of Statistics (NBS) recently reported that Nigeria’s inflation rate climbed to 29.90 percent in January 2024.
This has resulted in a considerable burden on the average Nigerian household. Market findings reveal the extent of the price increases across various food items.
For instance, the cost of a pack of spaghetti has skyrocketed from N80 to N950, while a carton of Titus fish has gone up from N40,000 to N76,000.
Even everyday items like Blue Band butter have seen a substantial price hike, with a medium-sized pack now priced at N1,400 instead of N500.
The cost of staple grains has also surged. A 50kg bag of rice, which used to be N35,000, now sells for N77,000.
Similarly, a 100kg bag of dry white old maize has increased from N18,000 to N58,000.
Other food items like Titus sardine, Indomie noodles, salt, Semovita, eggs, garri, beans, and even goats have all experienced significant price increases.
In addition to the rising cost of food, other essential items have also become more expensive.
For example, a big Butterfield bread that was once sold for N350 now costs N900.
Basic toiletries like toothpaste have seen a price jump, with the cheapest option increasing from N150 to N500.
The impact of these price increases on the average Nigerian cannot be overstated.
The Nigeria Labour Congress has declared a two-day nationwide strike to draw attention to the rising hunger and economic hardship faced by citizens. The strike, scheduled for February 27 and 28, 2024, aims to urge the federal government to address these pressing issues.
This article was updated 9 months ago
