Prices of essential food more expensive than ever.
The National Bureau of Statistics (NBS) has released a report titled “Selected Food Prices Watch (February 2024)” which highlights the rising prices of essential food items in Nigeria during the month of February. According to the report, the average prices of beef, rice, beans, onions, white garri, yam, and bread experienced significant increases compared to both the previous month and the corresponding period last year.
The data reveals that the average price of 1kg of local rice stood at N1,222.97 in February 2024, representing a staggering 134.81 percent year-on-year increase from N520.84 recorded in February 2023. Additionally, the price saw a 19.69 percent monthly rise compared to N1,021.79 in January 2024.
Similarly, the average price of 1kg of beef boneless increased by 49.41 percent year-on-year, from N2,445.96 in February 2023 to N3,654.56 in February 2024. On a month-on-month basis, the average price of this item rose by 10.22 percent from N3,315.78 in January 2024.
The report also indicates that the average price of 1kg of brown beans (sold loose) surged by 98.25 percent year-on-year, from N594.15 in February 2023 to N1,177.93 in February 2024. Compared to January 2024, the price increased by 20.62 percent from N976.58.
White garri, a staple food item, also experienced significant price hikes. The average price of 1kg of white garri (sold loose) rose by 109.16 percent year-on-year, from N345.88 in February 2023 to N723.45 in February 2024. Additionally, there was a 20.44 percent increase in price on a month-on-month basis.
The average price of 1kg of yam tuber saw a substantial 131.33 percent year-on-year increase, rising from N436.41 in February 2023 to N1,009.56 in February 2024. Compared to January 2024, the price climbed by 11.93 percent from N901.94.
The NBS report also provided state and zonal breakdowns of food prices. Niger State recorded the highest average price for 1kg of local rice at N1,670.96, while Borno State had the lowest at N936.14. Abia State reported the highest average price for 1kg of beef boneless at N4,595.69, with Kogi State recording the lowest at N2,680.03. Nasarawa State had the highest average price for 1kg of brown beans at N1,500.17, while Sokoto State had the lowest at N734.48.
Regionally, the South-West zone recorded the highest average price for 1kg of local rice at N1,336.79, while the North-West had the lowest at N1,073.92. The South-East and South-West zones shared the highest average price for 1kg of beef boneless at N4,483.78 and N3,740.72, respectively, with the North-West recording the lowest at N3,315.50. The South-South zone recorded the highest average price for 1kg of brown beans at N1,395.23, followed by the South-East at N1,384.72, while the North-East had the lowest at N885.86.
Prices of essential food NBS report highlights the significant inflationary pressures faced by Nigerian consumers, as the prices of essential food items continue to rise, straining household budgets and potentially exacerbating food insecurity in the country.