Prime 10 most costly staple meals to purchase in Nigeria in October 2024 

Nigeria’s headline inflation price rose to 33.88% in October 2024, up from 32.7% in September 2024, reflecting a 1.18%-point month-on-month improve.

That is in response to the Nationwide Bureau of Statistics (NBS) Shopper Worth Index (CPI) report, which attributed the rise in inflation to elevated transportation prices and better meals costs.

On a year-on-year foundation, the speed was 6.55%-points greater than the 27.33% recorded in October 2023, highlighting a considerable improve in inflation over the previous 12 months.

On a month-on-month foundation, the headline inflation price in October 2024 stood at 2.64%, representing a 0.12% improve from the two.52% recorded in September 2024

This means that the speed of improve within the common value stage in October 2024 was greater than the speed of improve noticed in September 2024.

The meals inflation price in October 2024 stood at 39.16% year-on-year, a rise of seven.64%-points in comparison with the 31.52% recorded in October 2023.

On a month-on-month foundation, the meals inflation price rose to 2.94%, a 0.30% improve from the two.64% recorded in September 2024.

This improve was pushed by rising costs of things corresponding to native and overseas beer within the tobacco class, vegetable oil, groundnut oil, and palm oil within the oil and fat class, in addition to beef, gizzard, dried beef within the meat class, and merchandise like Lipton, Milo, and Bournvita.

The typical annual meals inflation price for the twelve months ending in October 2024 was 38.12%, representing an 11.79 %-point improve from the 26.33% recorded in October 2023.

In October 2024, the worth of staple meals in Nigeria has continued to rise sharply, reflecting the financial challenges confronted by households throughout the nation.

Under are the ten most costly staple meals in Nigeria in October 2024, primarily based on the newest information from the NBS:

10. Native Rice (Bought Free)

Native rice noticed a big value leap of 137.32% in comparison with October 2023, making it one of many prime 10 most costly staple meals within the nation.

• The worth in October 2024 reached a mean of N1,944.64, up from N819.42 in October 2023.
• Native rice noticed a 1.56% MoM improve in October 2024, rising from N1,914.77 in September 2024. Kogi State recorded the very best value for native rice at N2,693.41, whereas Benue had the bottom at N1,267.25.

9. Agricultural Rice (Bought Free)

Agricultural rice, which is usually offered by native farmers, skilled a YoY value improve of 138.90%, with the worth in October 2024 averaging N2,023.68.

• That is up from N847.08 in October 2023. Agricultural rice noticed a big 2.95% MoM improve in October 2024, with costs rising from N1,965.64 in September 2024.
• Costs of agricultural rice diverse considerably throughout completely different states, with Nasarawa reporting the very best value of N3,120.49, whereas Benue had the bottom at N1,354.87.

8. Ripe Plantain

The worth of ripe plantain rose by 140.19% YoY, bringing the typical value to N1,507.21 in October 2024.

• It is a substantial improve from N627.50 within the earlier 12 months. Ripe plantain costs elevated by 0.45% MoM, from N1,500.43 in September 2024.
• Edo State had the very best value for ripe plantains, reaching N2,245.33, whereas Taraba recorded the bottom value at N600.00.

7. Medium-Measurement Agric Eggs

Medium-sized eggs noticed a formidable value hike of 140.21% YoY, reaching a mean value of N2,671.60 in October 2024, up from N1,112.22 within the earlier 12 months.

• The worth of medium-sized agric eggs jumped by 7.42% MoM, from N2,487.04 in September 2024. Bauchi had the very best value for eggs, at N3,450.00, whereas Adamawa had the bottom at N2,050.00.
• The rising value of poultry feed, excessive manufacturing prices, and inflation within the agricultural sector are a few of the key drivers of this value surge.

6. Imported Excessive-High quality Rice (Bought Free)

Imported high-quality rice, usually favoured for its superior high quality, additionally noticed a big value improve of 143.21% YoY.

• The typical value reached N2,471.28 in October 2024, in comparison with N1,016.12 in October 2023. Imported high-quality rice noticed a 2.80% MoM improve in October, shifting from N2,403.86 in September 2024.
• The rise displays the continued volatility in world rice markets, compounded by native inflationary pressures and the weak naira, which makes imported items costlier.
• Kogi State recorded the very best value for this rice at N3,187.35, whereas Niger had the bottom at N2,017.04.

5. Yam Tubers

Yam tubers, a key staple meals in Nigeria, noticed a pointy value improve of 148.02% YoY, with the typical value reaching N1,705.58 in October 2024, in comparison with N687.68 in October 2023.

• Yam tubers noticed a 2.22% MoM improve from N1,668.49 in September 2024. Kwara State had the very best value for yam tubers, at N4,011.57, whereas Adamawa had the bottom at N775.00.
• Contributing components embody excessive transportation prices and challenges in yam farming, notably in areas which have confronted climatic disruptions.

4. Unripe Plantain

Unripe plantain additionally noticed a dramatic improve in value, rising by 152.26% YoY. In October 2024, the typical value of unripe plantain was N1,539.66, up from N610.34 within the earlier 12 months.

• Unripe plantain costs rose by 1.89% MoM, from N1,511.09 in September 2024.
• Akwa Ibom had the very best value at N2,220.14, whereas Borno had the bottom at N822.01.

3. Damaged Rice (Ofada Rice)

Damaged rice, notably the native Ofada rice selection, skilled a rare YoY value improve of 199.16%. The typical value in October 2024 reached N2,428.65, in comparison with N811.83 within the earlier 12 months.

• Damaged rice (Ofada rice) noticed a 2.93% MoM improve from N2,359.47 in September 2024.
• The worth variation was important throughout states, with Osun State reporting the very best value of N3,400.00, whereas Adamawa had the bottom value at N1,425.00.

2. White Beans (Black Eyed, Bought Free)

White beans (black-eyed beans) skilled a staggering 238.04% improve in value YoY, bringing the typical value to N2,603.32 in October 2024.

• The worth in October 2023 was simply N770.13. White beans noticed a 0.94% MoM improve in value, from N2,579.02 in September 2024.
• Akwa Ibom had the very best value for white beans, at N3,199.58, whereas Yobe recorded the bottom value at N1,643.62.

1. Brown Beans (Bought Free)

Brown beans, the costliest staple meals in Nigeria in October 2024, skilled an enormous YoY value improve of 254.23%.

• The typical value reached N2,798.50, in comparison with N790.01 in October 2023. Brown beans stay the costliest staple meals merchandise in October 2024, with a 2.19% MoM improve from N2,738.59 in September 2024.
• Bauchi had the very best value for brown beans at N3,750.00, whereas Yobe had the bottom at N1,749.52. The MoM improve of two.19% exhibits that the worth of brown beans has been rising steadily.
• The surge might be attributed to components corresponding to decrease yields, elevated demand, and disruptions within the agricultural sector which have made beans more and more tough to supply at inexpensive costs.