The top 15 food items faced price hikes worth more than ₦2,000 in 19 months since May 2023

Key takeaways: 

  • The boneless beef price recorded the largest increase of more than ₦3,620 on average, followed closely by dried catfish (+₦3,619.35) and frozen chicken (+₦3,583.82).
  • Prices of major animal proteins have more than doubled, with price increases ranging from ₦1,900 to ₦3,630 on average.
  • The top 20 food items saw price hikes of at least ₦1,900.
  • The cost of a medium-sized crate of eggs more than tripled between May 2023 and December 2024.

In just over a year, from May 2023 to December 2024, food prices for a broad range of items have risen significantly, with some essentials more than doubling in price. This increase outlines the growing financial strain on household expenditure.

 

Boneless beef experienced the largest absolute price hike on average, rising by ₦3,630 to nearly ₦6,150. This was closely followed by dried catfish, which grew by an average of ₦3,619, and frozen chicken, which also increased by an average of ₦3,584.

 

The data reveals a concerning trend of rising food costs, with essential proteins, cooking ingredients, and staple foods all becoming costlier, thus making basic nutrition harder to afford.

Source:

National Bureau of Statistics

Period:

May 2023 - December 2024
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