Food inflation persists as NBS reports increases for food staples in September 2024
Onome Amuge
The National Bureau of Statistics (NBS) has released a report indicating a rise in prices for common food items in September 2024, with beans, bread, rice, and eggs all experiencing an upward trend.
According to the NBS Selected Food Prices Watch report, the cost of these staples has generally increased, a trend that has no doubt had a negative impact on the average Nigerian household.
The NBS Selected Food Price Watch for September 2024 revealed that the average price of a kilogramme of brown beans (sold loose) increased to N2,738.59, representing a 281.97 percent rise from the same period last year when the price was N716.97, and a further 6.37 percent increase from August 2024’s average price of N2,574.63.
The report also revealed that the cost of a dozen medium-sized agricultural eggs soared 137.43 percent on a year-on-year basis, with the price skyrocketing from N1,047.47 in September 2023 to N2,487.04 in September 2024.
Furthermore, the month-on-month comparison of the average price of medium-sized eggs revealed an additional 8.64 percent increase, from N2,289.19 in August 2024 to N2,487.04 in September 2024.
The report also indicated that sliced bread prices experienced a 115.74 percent hike on a year-on-year basis, with the price rising from N708.36 in September 2023 to N1,528.19 in September 2024.
Furthermore, the month-on-month comparison revealed a 4.68 percent increase in the average price of sliced bread, from N1,459.85 in August 2024 to N1,528.19 in September 2024, further contributing to the upward trend in food prices.
The report further indicated that the price of 1kg of local rice (sold loose) experienced a price hike of 152.92 percent on a year-on-year basis, with the price rising from N757.06 in September 2023 to N1,914.77 in September 2024.
On a month-on-month basis, the price of 1kg of local rice experienced a smaller but nonetheless notable increase of 4.57 percent.
The NBS also identified the increase in the price of 1kg of beef boneless.
On a year-on-year basis, the price of 1kg of beef boneless rose 99.99 percent from N2,816.91 in September 2023 to N5,633.60 in September 2024.
In addition, the price rose by 1.44 percent on a month-to-month basis, with the average price increasing from N5,553.80 in August 2024 to N5,633.60 in September 2024.
A state-by-state analysis of the price of 1kg of brown beans (sold loose) in September 2024 shows that Bauchi state recorded the highest average price at N3,450.04, while Adamawa state registered the lowest price at N1,800.
In September 2024, Niger state recorded the highest average price of 12 pieces of medium-sized agricultural eggs at N3,000.84, while Borno state registered the lowest price at N2,075.58.
A state-by-state analysis of the Selected Food Price Watch report for September 2024 also revealed that Rivers state recorded the highest average price of sliced bread at N1,852.5, while Yobe state had the lowest price at N982.79.
In terms of the average price of 1kg of local rice (sold loose), Kogi state recorded the highest price at N2,688.04, while Benue state had the lowest price at N1,229.14.
A zonal analysis of the price of 1kg of brown beans (sold loose) in September 2024 revealed that the South South region had the highest average price at N3,241.46, followed by the North Central region at N2,935.96.
The Northwest region recorded the lowest average price at N2,316.42
A zonal analysis of the average price of 12 pieces of medium-sized agricultural eggs revealed that the North Central and Northeast regions had the highest average prices at N2,833.42 and N2,501.79, respectively, while the Northwest region recorded the lowest average price at N2,249.65.
Another zonal analysis of the average price of sliced bread in September 2024 showed that the South-South recorded the highest price at N1,812.08, followed by the Southeast at N1,655.80, while the Northeast recorded the lowest price at N1,351.92.
For 1kg of local rice (sold loose), the Northeast and Southeast regions had the highest average prices at N2,031.96 and N2,015.92 respectively, while the Northwest region recorded the lowest average price at N1,714.31.