Beans, Eggs, and Rice Prices Surge 169% in August, Driven by Insecurity and Logistics Issues

The prices of essential food items such as beans, eggs, and rice skyrocketed by 169% in August 2024, according to the latest data from the National Bureau of Statistics (NBS). These staple foods, critical to the diets of millions of Nigerians, have seen unprecedented price increases, marking the sharpest rise recorded in recent years.

Beans experienced the highest surge, with prices climbing by an astounding 271.55% year-on-year, from N693 in August 2023 to N2,574 in August 2024. Month-on-month, the price of beans also increased by 5.31%. Experts have linked this steep rise to escalating insecurity in northern Nigeria, where a significant portion of the country’s beans are produced. The continuous attacks and displacement of farmers have drastically reduced output, thereby driving up costs.

Egg prices also saw a significant jump, with the average cost of a dozen rising 122% year-on-year, from N1,032 in August 2023 to N2,289 in August 2024. Compared to the previous month, egg prices rose by 5.48%. The Poultry Association of Nigeria attributes this increase to the rising costs of poultry feed, particularly maize and soybean, which are becoming more expensive due to the ongoing security challenges and high transportation costs.

For many Nigerian families, eggs and beans have traditionally served as affordable protein sources. However, the food price inflation in August 2024 is pushing these basic food items beyond the reach of many households. Moji Adeleke, a mother of four, expressed her frustration, saying, “I used to give my children an egg every day, but now it’s simply too expensive.”

Rice, Nigeria’s most consumed staple, also saw a substantial increase in price. The average price of one kilogram of rice rose by 148% year-on-year, from N737 in August 2023 to N1,831 in August 2024, with a 3.65% increase compared to July 2024. Rice farmers are grappling with flooding and rising production costs, while foreign exchange shortages are driving up the prices of imported rice.

The report also highlights regional price variations. The highest average price of beans was recorded in Akwa Ibom, where it reached N3,277, while the lowest was found in Adamawa at N1,711. For eggs, Niger State had the highest average price at N2,997, while Jigawa State recorded the lowest at N1,786.

The NBS data further showed that other food items have also seen significant price hikes. The cost of a loaf of bread rose by 113.16% year-on-year, from N685 in August 2023 to N1,460 in August 2024. Similarly, the price of a tuber of yam surged by 188% to N1,662, although there was a slight decrease of 7.82% compared to the previous month.

The persistent rise in food prices, driven by a combination of insecurity, rising logistics costs, and poor infrastructure, continues to place a heavy burden on Nigerian households, exacerbating the country’s food insecurity.