Domestic Price Warnings

Countries where prices of one or more basic food commodity are at abnormal high levels in main markets.
Price warning level:  High   Moderate [Based on the Indicator of Price Anomalies (IPA)]

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Nigeria

11/06/2024

Prices of staple foods remained at very high levels in April 2024

Wholesale prices of locally-produced millet and maize remained stable or rose in April 2024, while prices of local sorghum showed mixed trends. Wholesale prices of locally-produced rice recorded increases, while prices of imported rice declined. Prices of millet, maize and sorghum were up to 147, 156 and 174 percent, respectively, above their year-earlier levels. In addition, prices of locally-produced rice were up to 118 percent higher year-on-year, while prices of imported rice were up to 108 percent above their year-earlier values. The high cereal prices were mainly driven by a weak currency, ongoing conflict that affected production and disrupted markets and high transport costs. In addition, strong local demand, combined with a reluctance of traders and farmers to release stocks due to unfavourable rainfall conditions in some areas at the start of the 2024 rainy season, were other factors that contributed to the high cereal prices.