Food Prices Increase Further in Nigeria –Statistic Office
The National Bureau of Statistics (NBS) reports that prices of essential food items, including beans, eggs, bread, rice, and tomatoes, experienced significant increases in September 2024.
The NBS said this in its Selected Food Prices Watch report for September 2024 released in Abuja on Wednesday.
The report said that the average price of 1kg of brown beans increased by 281.97 per cent from N716.97 recorded in September 2023 to N2,738.59 in September 2024.
“On a month-on-month basis, 1kg of brown beans increased by 6.37 per cent in September from the N2,574.63 recorded in August 2024.”
It said that the average price of medium-sized Agric eggs (12 pieces) increased by 137.43 per cent on a year-on-year basis from N1,047.47 recorded in September 2023 to N2,487.04 in September 2024.
“On a month-on-month basis, the eggs increased by 8.46 per cent from the N2,289.19 recorded in August 2024.”
The report said that the average price of sliced bread increased by 115.74 per cent on a year-on-year basis from N708.36 in September 2023 to N1,528.19 in September 2024.
“On a month-on-month basis, the price increased by 4.68 per cent from the N1,459.85 recorded in August 2024.”
In addition, the average price of 1kg of local rice rose by 152.92 per cent on a year-on-year basis from N757.06 in September 2023 to N1,914.77 in September 2024.
“On a month-on-month basis, it increased by 4.57 per cent from N1,831.05 recorded in August 2024.”
Also, the report said that the average price of 1kg of boneless beef increased by 99.99 per cent on a year-on-year basis from N2,816.91 in September 2023 to N5,633.60 in September 2024.
“However, on a month-on-month basis, the price decreased by 1.44 per cent from the N5,553.80 recorded in August 2024.”
The NBS said the average price of 1kg of tomato also increased on a year-on-year basis by 152.94 per cent from N 565.69 recorded in September 2023 to N1,430.87 in September 2024.
“However, on a month-on-month basis, the average price of 1kg of tomato declined by 5.01 per cent from N1,506.35 in August 2024 to N1,430.87 in September 2024.”
On state profile analysis, the report showed that in September 2024, the highest average price of 1kg of brown beans was recorded in Bauchi at N3,450.04, while the lowest was recorded in Adamawa at N 1,800.
It said that Niger recorded the highest average price of medium size Agric eggs (12 pieces) at N3,000.84, while the lowest was in Borno at N2,075.58.
The NBS said that the highest average price of sliced bread was recorded in Rivers at N1,852, while the lowest price was recorded in Yobe at N982.79. According to the report, Kogi recorded the highest average price of 1kg local rice (sold loose) at N2,688.04, while the lowest was reported in Benue at N1,229.14.
The report said the highest price of 1kg of tomato was recorded in Abuja at N2,212.61, while the lowest price was recorded in Kano at N656.21. Analysis by zone showed that the average price of 1kg of brown beans was highest in the South-South at N3,241.46, followed by the North-Central at N2,935.96.
“The lowest price was recorded in the North-West at N2,316.42.”
The North-Central and North-East recorded the highest average price of medium-sized agricultural eggs (12 pieces) at N2,833.42 and N2,501.79, respectively, while the lowest price was in the North-West at N2,249.65.
The report said that the South-South recorded the highest average price of sliced bread at N1,812.08, followed by the South-East at N1,655.80, while the North-East recorded the lowest price at N1,351.92.
The NBS said also that the North-East and the South-East recorded the highest average price of 1kg of local rice (sold loose) at N2,031.96 and N2,015.92, respectively.
“The North-West recorded the lowest price of 1kg of local rice (sold loose) at N1,714.31.”
The News Agency of Nigeria (NAN) reports that in July, the Federal Government in a bid to address the incessant increase in food prices and ensures food security, granted a 150-day duty-free import window for some food commodities.
The suspended duty tariffs and taxes will be on the importation of certain food items across the land and sea borders which include maize, cowpeas, wheat, and husked brown rice.
However, experts have suggested more sustainable measures, such as addressing the issue of insecurity, foreign exchange, and transportation costs, to address the soaring food prices and ensure food security. #Food Prices Increase Further in Nigeria –Statistic Office Stanbic IBTC Adds Fixed Income Asset into Securities Lending Services
