The latest NBS report shows significant increases in food prices, with local rice up 152.9% and beans up 281.97% year-on-year in September 2024. Other staples like beef, eggs, and bread also saw sharp hikes across Nigeria. The latest data from the National Bureau of Statistics (NBS) reveals a sharp rise in the prices of essential food items, particularly local rice and beans, over the past year. According to the ‘Selected Food Price Watch’ report for September 2024, a 50 kg bag of local rice saw a staggering 152.9% increase, reaching ₦95,738 compared to ₦37,853 in September 2023. Similarly, 1 kilogram of local rice now costs ₦1,914.77, up from ₦757.06.
The price of beans also surged significantly, with 1 kg of brown beans rising by 281.97% year-on-year, climbing to ₦2,738.59 in September 2024 from just ₦716.97 the previous year. Month-on-month, the price of beans increased by 6.37% from ₦2,574.63 in August 2024.
Other food items showed steep price hikes as well. The cost of boneless beef nearly doubled, rising by 99.99% to ₦5,633.60 per kilogram, while a dozen medium-sized agricultural eggs now costs ₦2,487.04, a 137.43% jump from last year’s ₦1,047.47. Sliced bread saw a year-on-year increase of 115.74%, reaching ₦1,528.19.
Regionally, food prices varied significantly across Nigeria. Bauchi recorded the highest average price for brown beans at ₦3,450.04, while Adamawa had the lowest at ₦1,800. Niger State saw the highest price for eggs at ₦3,000.84, compared to Borno State’s ₦2,075.58. Meanwhile, Kogi had the highest average price for local rice at ₦2,688.04 per kilogram, with Benue offering the lowest price at ₦1,229.14. For sliced bread, Rivers State recorded the highest price at ₦1,852.50, while Yobe had the lowest at ₦982.79.
The dramatic rise in food prices has raised concerns about affordability for many Nigerians as inflation continues to affect essential staples.
