The National Bureau of Statistics' (NBS) Selected Food Price Watch for August 2024 revealed a significant increase in food prices, indicating a decline in the average Nigerian's welfare. The price of 1 kg of locally produced brown beans increased by 5.31% month-on-month (MoM) from N2,444 in July 2024 to N2,574. Likewise, the price of 12-medium-sized agricultural eggs rose by 5.48% MoM, from N2,170 in July to N2,289 in August. A notable price increase was also recorded in 1 kg of local rice, which rose by 3.65% MoM to N1,831 in August 2024. State-wise, Akwa Ibom recorded the highest price for beans at N3,276, while Adamawa recorded the lowest price at N1,710 per kg. Jigawa State recorded the lowest price of N1,786 for agricultural eggs, while Niger State recorded the highest price at N2,996. These price increases can be attributed to rising transportation costs, instability in the exchange rate of the Naira, and insecurity on farmlands in the country. The continued rise in food prices could have severe consequences for Nigerians' welfare and economic growth. Rising food prices disproportionately affect low-income households, leading to reduced purchasing power, increased food insecurity and malnutrition, and widening inequality. The government must implement policies to improve agricultural productivity in the long run. These should include subsidies for agro-allied industries, increased investment in agricultural infrastructure and reduced tariffs on essential food products. Unemployment rises to 5.3% in Q1 2024