Nigeria: The price of tomatoes has surged by 321% in one year, as have other food items

Food prices have continued to increase as Nigeria's headline inflation hit 34.19% in June 2024, one of the highest globally.

NBS's monthly survey for the average prices of selected food items in Nigeria as of June 2024 shows that tomatoes have gone up by 321%, yam by 296%, and staples — beans, rice, and plantain — have also seen significant increases. These are the top ten food items most hit by inflation in Nigeria in the past twelve months.

Source:

National Bureau of Statistics

Period:

June 2024
HTML code to embed chart
Want a bespoke report?
Reach out
Tags
Related Insights

Nigeria's inflation rate stood at 34.80%, making it the African nation with the third-highest inflation rate in 2024
  • With 57.50% inflation, Zimbabwe’s economy is experiencing an extreme price surge, making it the most inflation-affected country in Africa.
  • At 34.80%, Nigeria is battling one of its worst inflation crises in decades, severely impacting food prices, transportation, and living costs.
  • The fact that seven out of ten countries on this list have inflation rates that double or even quadruple the African average shows the depth of the inflation crisis.
  • While their inflation rates (between 16% and 24%), as seen in Ghana, Ethiopia, Zambia, and the Congo, are lower than the top three, they still exceed the sustainable threshold for economic stability.

Some organisations project that Nigeria's 2025 inflation rate will be lower than in 2024
  • Some organisations project that Nigeria's 2025 inflation rate will be lower than 2024's 33.2%.
  • Projections for 2025 range from the AfDB's optimistic 20.7% to Meristem's bearish 33.99%, reflecting variations in the expected average annual inflation rate.
  • International organisations have more optimistic projections on Nigeria's average inflation rate in 2025 compared to local organisations.

Chicken Republic has more than double the outlets of Kilimanjaro, its closest rival
From hangouts with friends to family outings during the holiday season, quick-service restaurants (QSRs) have become an important part of Nigeria's social ecosystem. These businesses are landmarks in cities and important players in the growing food delivery business. Chicken Republic is the largest QSR in Nigeria by outlet count, with nearly 200 outlets. It dwarfs its closest rival, Kilimanjaro, with over two times its 84 outlets. In third and fourth are Coldstone Creamery and Domino's Pizza, signalling a potential interest in QSRs that have narrowed menus among Nigerians.

Inflation in Africa’s largest economies as of October 2024
Inflation levels across Africa's largest economies range from low and stable in Morocco to high and concerning in Nigeria. Egypt and Nigeria have seen inflation rise to record levels, driven partly by currency devaluations in both countries. Nigeria has not only fallen from its top spot as the continent's largest economy, but it now holds the spot for the highest inflation rate amongst the top ten economies by GDP.

The cost of a healthy diet in Nigeria rose by 91% in 11 months
The Cost of a Healthy Diet (CoHD) represents the most affordable combination of locally available foods that meet global dietary standards for a balanced diet, excluding transportation and meal preparation costs. In Nigeria, the CoHD surged by 91%, rising from ₦703 in October 2023 to ₦1,346 in September 2024. This sharp increase underscores Nigerians' escalating financial challenges in maintaining a nutritious diet.

Inflation rate: Nigeria ranked 9th out of 184 countries and territories as of September 2024
Argentina's inflation rate dropped to 209% in September 2024 from 237% in August, slightly easing costs. Despite this, the South American country still has the highest inflation rate of the 184 countries and territories ranked. Nigeria's inflation rate stands at 32.7%, ranking 9th globally and 4th in Africa after South Sudan, Zimbabwe, and Malawi.

POPULAR TOPICS
SIGN UP TO OUR NEWSLETTER
Get periodic updates about the African startup space, access to our reports, among others.
Subscribe Here
Subscription Form

A product of Techpoint Africa. All rights reserved