Food Prices Rise By 91.6% In 1 Year

Latest report from the National Bureau of Statistics (NBS) has revealed that average prices of food across Nigeria skyrocketed from N2,862.14 in November 2024 to N2,920.13 in December 2024.

The spike marks a year-on-year surge of 91.6%, as the average food price in December 2023 was N1,524.63.

The information was contained in the NBS report titled ‘Selected Food Price Watch December 2024’ which was released on January 24, 2025.

South-East Highest, As Food Prices Soar By 97%

The development has plunged millions of households and students into a deepening crisis.

With essential items becoming increasingly unaffordable, families and students alike are struggling to navigate the harsh economic terrain, facing an unprecedented level of hardship that threatens their very survival.

the breakdown of average food prices across Nigeria’s six geopolitical zones reveals stark regional disparities, with some areas feeling the pressure more intensely than others.

While food price inflation has affected every corner of the country, the South-East region stands out as the hardest hit.