According to data obtained from the National Bureau of Statistics, the average prices of bread and rice in Nigeria have been recording significant increases in the past five years.

A year-on-year analysis of the average prices from January 2017 to January 2022 based on data from the NBS shows that bread (unsliced, 500g) and rice (agric-sold loose rice) recorded 42 per cent and 48 per cent price hikes, respectively.

As of January 2017, the average price of a loaf of bread (unsliced, 500g) was N270. It however increased to N384 by January 2022.

There was also an increase in the price of sliced bread (500g) from N303 as of January 2017 to N419 as of January 2022.

The average cost of 1kg of rice (agric-sold loose rice) was N324 as of January 2017. It, however, increased to N481 by January 2022.

There was also an increase in the price of locally sold loose rice, medium-grained rice, and imported high quality sold loose rice (1kg each) from N286, N312, and N402 as of January 2017 to N430, N477, and N579 as of January 2022, respectively.

This was despite the drop in recorded overall inflation from 18.72 per cent as of January 2017 to 15.60 per cent as of January 2022.

However, the 15.60 per cent was still higher than the 13 per cent inflation target of the Federal Government for 2022.