Many businesses have grappled with increased production costs. This surge is primarily attributed to the devaluation of the naira and a series of petrol price hikes, leading to one of the most acute cost-of-living crises in decades. Its impact on food prices and goods generally has been particularly alarming. Staple foods such as beans, tomatoes, yams, and potatoes have seen price increases exceeding 250 per cent over the past year, though prices are minimally reducing.

For instance, the price of beans soared by 252 per cent, while tomatoes experienced a 320.67 per cent rise between June 2023 and June 2024. A market survey then showed that on the average, the price of 50-kilogramme of sugar that previously sold between N30,000 to N32,000 now sells between N38,000 and N40,000.
A 50-kilogramme bag of foreign rice (long grain) sold between N35,000 and N37,000 is now sold for N40,000 – N42,000 while a 50kg bag of a short grain of foreign rice that was sold between N22,000 and N23,000 is now sold for N34,0000 – N37,000.

A 50-kilogramme bag of honey beans (oloyin) rose to N60,000 against the previous price of N56,000, just as 1.5-kilogram of white beans (popularly called a mudu) rose from N800 to N1,000.

A 50-kilogramme bag of yellow garri sold between N22,000 and N24,000 is now N27,000 while 50-kilogramme of white garri rose to N20,000 against the previous price of N18,000.

Also, a kilogramme of beef previously sold between N2,600 to N2,800 now sells between N3,000-N3,200 while a kilogramme of goat meat rose from N3,000 to N3,200. Key findings from the National Bureau of Statistics (NBS) selected Food Prices Watch Report for July 2023 include:Boneless Beef: The average price of 1kg increased by 30.17 per cent, from N2,118.84 in July 2022 to N2,758.13 in July 2023; Tomatoes: The average price of 1kg rose by 24.88 per cent, from N446.81 in July 2022 to N557.96 in July 2023, Brown Beans: The average price of 1kg increased by 19.73 per cent, from N562.55 in July 2022 to N673.53 in July 2023, Onion Bulbs: The average price of 1kg rose by 26.65 per cent, from N396.96 in July 2022 to N502.73 in July 2023, Yam Tubers: The average price of 1kg increased by 38.40 per cent, from N389.75 in July 2022 to N539.41 in July 2023. Palm Oil: The average price of 1 litre rose by 35.70 per cent, from N890.67 in July 2022 to N1,208.62 in July 2023.

Between 2022 and 2025, there were percentage changes for subscriptions for DStv and GOtv packages. For Premium package, May 2023: Increased from N21,000 to N24,500 (approximately 16.7% rise); May 2024: Increased from N29,500 to N37,000 (approximately 25.4% rise) and March 2025: Increased from N37,000 to N44,500 (approximately 20.3% rise).

The subscription changes in the Compact Plus packages are: May 2023: Increased from N14,250 to N16,600 (approximately 16.5% rise), May 2024: Increased from N19,800 to N25,000,(approximately 26.2% rise), March 2025: Increased from N25,000 to N30,000 (approximately 20% rise).

For GOtv Packages, Supa Plus:May 2023: Increased from N7,600 to N9,600, May 2024: Increased from N12,500 to N15,700, March 2025: Increased from N15,700 to N16,800.

For GoTVMax package:May 2023:Increased from N5,700 to N7,200, May 2024: Increased from N7,200 to N8,500, March 2025: Increased from N8,500 to N8,500 Similarly, in January 2024, StarTimes increased subscription fees across all packages by 15 per cent. The adjustments were as follows:Nova Bouquet: Increased from N1,500 to N1,700 (a 13% rise), Smart Bouquet: Increased from N3,500 to N3,708 (a 6% rise), Special Bouquet:Increased from N5,000 to N5,600 and Super Bouquet: Increased from N6,500 to N7,500.

Other prices of items that have changed over time include a bag of cucumber was being sold for N65,000 as against N20,000 to N25,000 before the fuel increase, while a cartoon of apple was being sold for between N86,000 and N90,000 as against N40,000 to N42,000.

Also, a bag of cabbage was being sold for between N25,000 and N35,000 as against N10,000, while a bag of carrots was being sold for between N50,000 and N65,000 as against N35,000.

A kilo of chicken was now being sold for between N5,500 and N6,500, while a carton was going for between N55,000 and N65,000, while a kilo of panla fish was going for between N5,000 and N6,000, and a carton was being sold for between N50,000 and N67,000.

A kilo of goat meat was presently being sold for between N7,000 and N8,000 as against N5,500, while a kilo of cow meat was being sold for N7,500 to N8,000 as against N6,000.A medium basket of tomatoes was presently being sold for between N13,000 and N15,000.