Nigeria Says Food Prices Fell Up to 50%, Data Differ
A minister claims some Nigerian staple food prices have dropped by up to 50%, but official statistics show food cost about a fifth more than a year ago. The post Nigeria Says Food Prices Fell Up to 50%, Data Differ appeared first on The Rio Times .
Official statistics reveal food prices remain 20% higher than a year ago, despite claims of halved prices by Nigeria's Agriculture Minister, Abubakar Kyari. Kyari stated that some staple food prices have decreased by up to 50% during a meeting in Maiduguri, a city in the northeast of the country. However, official data indicates that food inflation stood at 19.57% in August, with food prices still on the rise.
This discrepancy is significant as food costs influence inflation, interest rates, and the upcoming 2027 elections. Kyari, a former senator from Borno State, has been serving as the minister of agriculture and food security since 2023. He highlighted "reductions of up to 50 percent in the prices of some essential food commodities" alongside other agricultural initiatives.
The ministry did not specify the foods or the base period for the price comparison. Daily Trust, an Abuja-based newspaper, reported the price drop against pre-2023 levels, quoting Kyari's call to avoid politicizing the cost of living. The ministry also mentioned that early purchases of fertilizers under a presidential scheme saved ₦61.58 billion (approximately US$46 million) this season.
Despite these claims, no specific food items or price comparisons were provided by Kyari. The National Bureau of Statistics (NBS), Nigeria's official statistics agency, publishes a monthly consumer price index, with the latest report showing headline inflation at 15.39% in August, down from 20.31% in July, and core inflation at 13.29%.
Premium Times, an Abuja-based online newspaper, reported the same figures. Food prices increased by 1.02% in August alone. The NBS typically releases data around the middle of the following month, and the September figures are not yet available. While some individual food prices have dropped significantly, overall food prices have not halved, and a basket that cost US$100 a year ago now costs nearly US$120.
Inflation measures the rate at which prices rise; thus, even a modest decrease in food inflation would still indicate a rising trend. Comparing Kyari's March claim to the current data, analysts conclude that while prices have eased, the government played a role in the initial price surge. The NBS's price index was recently rebased from 2009 to 2024, which may affect direct comparisons with earlier data.
President Bola Tinubu's administration, which took office in May 2023, implemented policies such as scrapping the petrol subsidy and allowing the naira to float, leading to a rapid increase in living costs. Beans prices have risen 151.75% in January 2025 compared to a year earlier, while rice has cost about 80% more than two years ago.
While Kyari's statement about food prices halving is a political message, it also reflects the sensitivity of the issue. The NBS is expected to publish September inflation figures in mid-October, which may provide further insight into the situation.
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