Nigeria Records Steep Increase in Food Prices
The National Bureau of Statistics (NBS), said prices of beef, rice, beans, onion, tomato, and other food items increased in December 2023. It said this in its Selected Food Prices Watch report for December 2023 released in Abuja on Wednesday.
The report said that the average price of 1kg of boneless beef increased by 32.38 per cent from N2,377.29 recorded in December 2022 to N3,146.94 in December 2023. On a month-on-month basis, 1kg of boneless beef increased by 3.88 per cent in December from the N3,029.50 recorded in November 2023, according to the report.
It said that the average price of 1kg of local rice increased by 81.31 per cent on a year-on-year basis from N506.17 recorded in December 2022 to N917.93 in December 2023. On a month-on-month basis, 1kg of local rice increased by 5.85 per cent from the N867.18 recorded in November 2023.’
It was noted that the average price of 1kg of brown beans increased by 48.54 per cent on a year-on-year basis from N586.14 in December 2022 to N870.67 in December 2023. On a month-on-month basis, the price increased by 3.79 per cent from the N838.85 recorded in November 2023 to NN870.67 in December 2023.’’
The NBS said the average price of 1kg of Onion bulb rose by 122.94 per cent on a year-on-year basis from N435.93 in December 2022 to N971.86 in December 2023. On a month-on-month basis, the price increased by 42.13 per cent from N683.78 recorded in November 2023.
The report said that the average price of 1kg of tomato increased by 77.60 per cent on a year-on-year basis from N458.42 in December 2022 to N814.16 in December 2023. On a month-on-month basis, 1kg of tomato increased by 7.32 per cent from N758.65 in November 2023 to N814.16 in December 2023.
On state profile analysis, the report showed that the highest average price of 1kg of boneless beef was recorded in Osun at N3,981.04, while the lowest price was recorded in Gombe at N2,600. It said that Abuja recorded the highest average price of 1kg of local rice at N1,250, while the lowest was recorded in Zamfara at N696.55
The NBS said that the highest average price of 1kg of brown beans was recorded in Akwa Ibom at N1,120.92, while the lowest price was recorded in Jigawa at N586.04. It said the highest average price of 1kg of onion bulb was recorded in Rivers at N1,433.13, while the lowest was recorded in Adamawa at N465.41
According to the report, Delta recorded the highest average price of 1kg of tomato at N1,461.87 while Borno recorded the lowest price at N390.05. Analysis by zone showed that the average price of 1kg of boneless beef was highest in the South-East at N3,675.24, followed by the South-West at N3,586.77.
“The lowest price was recorded in the North-East at N2,678.74.” The South-West and North-Central recorded the highest average price of 1kg of local rice at N987.88 and N940.91, respectively, while the lowest price was in the North-West at N858.00
The report said that the South-East recorded the highest average price of 1kg of brown beans at N1,048.54, followed by the South-West at N1,013.35 , while the North-West recorded the lowest price at N675.54.
It said that the South-South and South-East recorded the highest average price of 1kg of onion bulb at N1,310.47 and N1,065.83, respectively, while the lowest was recorded in the North-East at N657.84. The NBS said also that the South-South recorded the highest average price of 1kg of Tomato at N1,327.98, followed by the South-West at N1,068.17.
“The North-West recorded the lowest price of 1kg of tomato at N460.64,’’ the NBS said. #Nigeria Records Steep Increase in Food Prices Naira Steadies as Banks Issue Update on FX Purchase
