Imolites grapple with intensified economic hardship as staple food prices surge by a staggering 50%, according to a recent market survey conducted by INNONEWS.
From December 2023 to February 2024, prices of essential commodities such as rice, beans, garri, groundnut oil, tomatoes, bread, and more have soared by over 40% across the country.
This week, alarming price hikes were observed across various food items, exacerbating the financial strain on residents of the State.
The survey revealed alarming statistics: a 50kg bag of rice now commands a price tag of N65,000-N75,000, beans surged to N1,600 per painter measurement from N800.
Other notable increases include groundnut oil reaching N57,000 for 25 litres from N34,000, and a crate of eggs soaring to N3,700 from N2,500.
The price surge extends across various food items, with rice experiencing a 46.2% increase, beans 50%, garri 45%, and bread witnessing a 50% jump.
The escalation in prices has pushed the cost of living in the State to unprecedented levels, prompting concerns among citizens of the State.
According to data from the National Bureau of Statistics, food inflation surged to 33.93% in December in the country, reflecting the nationwide impact of rising food prices.
Imo State Governor, Senator Hope Uzodimma, had on July 15, 2023, at a meeting with Stakeholders in the State in Owerri, promised to constitute the Imo State Marketing and Commodity Board, to checkmate escalating prices of food items and it’s impact on cost of living among residents of the State.
He said “I have discovered with pain, how traders are taking advantage of the economic situation to increase the prices of food items in the market
“The State government will soon establish the Imo State Marketing and Commodity Board, which will ensure food items are sold at normal prices.
“We shall achieve this by setting up low cost markets in the State where prices of food items and commodities will be affordable for the masses
“The markets will be situated in all the 27 LGAs of the State” he pledged.
Seven months after the promise, there is no Board in place.
The exponential rise in food costs in the State highlights the urgent need for proactive measures to mitigate the impact on the vulnerable and safeguard livelihoods in the face of escalating inflation, propelled by the removal of subsidy on petrol by President Bola Tinubu.