The study examined the prices of food products and its implications for food security in Nigeria. Data was obtained from Federal Office of Statistics and was analyzed using histogram and and price index number (Laspyres index). The study show that food price inflation is caused by frequent hike in the prices of petroleum products coupled with poor performance of the agricultural sector. Between 1996 to 2002, fuel official price rose by 136 percent and is accompanied with higher price index values in the food component of the annual average composite consumer price index. A similar phenomenon is observed between 2003 and 2005. The study further revealed that it is the poverty syndrome occasioned by a lack of purchasing power coupled with food price inflation that renders the populace vulnerable to food insecurity.. Food insecure households face a significant risk of food consumption falling below a critical level with regards to health and survival. A rise in the price of food does not necessarily raise incomes of food producers. This may not induce a downward shift in the supply curve in the long run. The study recommends providing poor (food insecure) people with opportunities to earn adequate incomes, ensuring abundant food supply from domestic production, adequately maintained rural feeder roads, banning of motor park touts, halting of police extortion at check points and provision of cheap and adequate supply of fuel.