Prices of Food Items Continue to Rise in Nigeria– Report

Nigeria recorded an increase in prices of food items across 36 states and the Federal Capital Territory, according to the latest report from the statistics office. The surge in market prices underscores a recent spike in headline inflation, analysts said.

In its Selected Food Prices Watch, The National Bureau of Statistics (NBS) has said that prices of beef, rice, beans, onion, white garri, yam, bread, and other food items increased in February 2024. The report said that the average price of 1kg of boneless beef increased by 49.41 per cent from N2,445.96 recorded in February 2023 to N3,654.56 in February 2024.

The report stated that “1 kg of boneless beef increased on a month-over-month basis by 10.22 percent in February from the N3,315.78 recorded in January 2024.” It stated that from N520.84 in February 2023 to N1,222.97 in February 2024, the average price of one kilogram of local rice increased by 134.81% year over year.

Month-over-month, the price of one kilogram of local rice rose by 19.69% from N1,021.79 in January 2024.” According to the report, the average cost of one kilogram of brown beans rose by 98.25% between February 2023 and February 2024, from N594.15 to N1,177.93.

The price increased by 20.62 percent month over month from the N976.58 recorded in January 2024.” The NBS said the average price of 1kg of onion bulb rose by 103.44 per cent on a year-on-year basis from N450.07 in February 2023 to 915.61 in February 2024.

The price went up from N881.20 in January 2024 by 3.91% on a month-over-month basis. ’ The report said that the average price of 1kg of white garri increased by 109.16 per cent on a year-on-year basis from N345.88 in February 2023 to N723.45 in February 2024.

“On a month-on-month basis, 1kg of white garri increased by 20.44 per cent from N600.69 recorded in January 2024 to N723.45 in February 2024. ” In addition, the average price of 1kg of yam tuber rose by 131.33 per cent on a year-on-year basis from the N436.41 recorded in February 2023 to N1009.56 in February 2024.

“On a month-on-month basis, it increased by 11.93 per cent from N901.94 recorded in January 2024 to N1009.56 in February 2024.”

According to the report, the average cost of 500g of sliced bread rose from N553.03 in February 2023 to N1,047.86 in February 2024, a year-over-year increase of 89.48 percent. On a month-on-month basis, 500g sliced bread increased by 15.91 percent from the N904.02 recorded in January 2024.

On state profile analysis, the report showed that in February 2024, the highest average price of 1kg of boneless beef was recorded in Abia at N4,595.69, while the lowest was recorded in Kogi at N2,680.03.

It said that Niger recorded the highest average price of 1kg of local rice at N1,670.96, while the lowest was recorded in Borno at N936.14. The NBS said that the highest average price of 1kg of brown beans was recorded in Nasarawa at N 1,500.17,  while the lowest price was recorded in Sokoto at N734.48

It stated that Zamfara had the lowest average price of N446.67 for a kilogram of onion bulbs, while Akwa Ibom had the highest average price of N1,391.41. According to the report, Ogun recorded the highest average price of 1kg of white garri at N821.48, while the lowest was reported in Benue at N480.32.

It said Bayelsa recorded the highest average price of 1kg of yam tuber at N 1,452.95, while the least average price was recorded in Borno at N 626.59. The NBS said Rivers recorded the highest average price of 500g sliced bread at N1,562.5, while the lowest price was recorded in Borno at N655.53. Analysis by zone showed that the average price of 1kg of boneless beef was highest in the South-East at N4,483.78, followed by the South-West at N3,740.72.

“The lowest price was recorded in the North-West at N3,315.50.” The South-West and North-Central recorded the highest average price of 1kg of local rice at N1,336.79 and N1,319.95 respectively, while the lowest price was in the North-West at N1,073.92.

The report said that the South-South recorded the highest average price of 1kg of brown beans at N1,395.23, followed by the South-East at N1,384.72 , while the North-Central recorded the lowest price at N638.88.

It said that the South-South and South-West recorded the highest average price of 1kg of onion bulb at N1,363.66 and N1,047.61, respectively, while the lowest was recorded in the North-West at N546.79

The NBS said South-East and South-South recorded the highest average price of 1kg of white garri at N788.28 and N760.23. The North-Central recorded the lowest price of 1kg of white garri at N638.88. The report said the South-South recorded the highest average price of 500g sliced bread, followed by the North-Central.

The North-East recorded the lowest average price of 500g sliced bread at N867.31,” the NBS said. #Prices of Food Items Continue to Rise in Nigeria– Report Banks Face Risks over 24hrs FX Positions Sell Down

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