Tomato and Yam Prices Drop in July 2024, Despite Soaring Year-on-Year Costs

Yam And Tomato Prices Drop On A Month-on-Month Basis

The National Bureau of Statistics (NBS) has reported a significant drop in the prices of tomatoes and yams on a month-on-month basis in July 2024. According to the latest Selected Food Price Watch report, the average price of 1kg of tomatoes fell by 26.43% to N1,693.83 in July, down from N2,302.26 in June.

However, tomatoes saw a dramatic increase on a year-on-year basis, with prices soaring by 203.57%, up from N557.96 in July 2023 to N1,693.83 in July 2024.

Similarly, the price of a 1kg yam tuber decreased by 10.82% in July, dropping to N1,802.84 from N2,021.55 in June. Despite this month-on-month decline, yam prices skyrocketed by 234.23% compared to July 2023, when the average price was N539.41.

These trends highlight the volatility in food prices, with significant fluctuations observed over both short and long-term periods.