As economic hardship in Nigeria continues to worsen, the price of staple foods such as spaghetti, eggs, sardines, and butter has increased significantly. The rising cost of living is putting a strain on the budgets of many Nigerians, and is causing increased hardship and distress.
Since President Bola Tinubu took office in May 2023, many Nigerians have been struggling with rising prices and increasing hardship. According to data from the National Bureau of Statistics, inflation hit a new high of 29.9% in January 2024, exacerbating the problem. This has been attributed to the government’s economic policies.
According to PurpleWorld’s market research, the price of basic goods and materials has skyrocketed since President Tinubu took office. For example, the price of one bag of pure water has increased from N150 to N400, while the price of a 50kg bag of rice has risen from N35,000 to N77,000. Other staples such as dry white old maize and emulsion paint have also experienced significant price increases. This is having a severe impact on the cost of living for many Nigerians.
The increases in the price of basic goods extend beyond the items previously mentioned. A single pack of Titus sardines now costs N1,020, a significant increase from its previous price of N350. A single pack of Indomie noodles, which used to be N50, is now N150. Even the price of a single egg has risen from N110 to N300.
The cost of basic necessities continues to rise across the board. A loaf of Butterfield bread that used to cost N350 is now N900, and even the cheapest brand of toothpaste has more than tripled in price. Plantain farmers in Ondo State are also struggling with rising transportation costs, which now total N100,000 to transport a load of plantains to Ogun State. In response to these and other rising costs, the Nigeria Labour Congress has called for a nationwide strike on February 27 and 28 to demand action from the federal government.