According to the World Bank Food Security Update released at the end of July 2023, prices of agricultural products, exports, and cereals increased by 6%, 4%, and 10% respectively by the end of the month. Additionally, the prices of Maize and Wheat rose, closing at 12% and 14% higher at the end of July 2023.
The report also highlighted that high food inflation was prevalent in most low- and middle-income countries, with inflation rates surpassing 5%. Africa, North America, Latin America, Southeast Asia, Europe, and Central Asia were the most affected regions, experiencing food price inflation exceeding 80% in real terms.
Subsequent investigations by Nairametrics revealed that the price of rice, a staple food in Nigeria, surged by 29% within two months, causing widespread concern among traders and consumers. Nairametrics tracked the price of rice in Lagos, noting an increase from N32,000 in June to N45,000 by the current date.