Business a.m.
A recently released report by the National Bureau of Statistics (NBS) has revealed that the prices of numerous staple food items have skyrocketed in Nigeria, This is as a broad range of essential staples, including beef, rice, beans, garri, and yam, experienced marked price increases over the past year
The NBS Selected Food Prices Watch report for the month of March 2024, revealed a year-on-year increase of 73.78 per cent in the average price of 1kg of boneless beef. This translates to a steep rise from N2,479.61 in March 2023 to N4,309.16 in March 2024. Moreover, the price of beef rose by 17.91 per cent from February 2024 to March 2024.
The NBS report also highlighted a year-on-year increase of 152.93 per cent in the average price of 1kg of local rice, rising from N530.08 in March 2023 to N1,340.74 in March 2024. The price of brown beans also experienced a substantial hike, with a year-on-year increase of 106.78 per cent, rising from N596.96 in March 2023 to N1,234.40 in March 2024.
White garri, a staple food item in many Nigerian households, witnessed a significant year-on-year increase of 112.34 per cent in its price. The average price per kg of white garri rose sharply from N353.16 in March 2023 to N749.89 in March 2024.
The price of 1 kg of yam tuber also experienced a year-on-year increase of 141.25 per cent. The average price for this staple food item soared from N443.02 in March 2023 to N1,068.78 in March 2024.
The NBS report not only highlighted the overall increase in food prices but also revealed significant disparities in food prices across different states in Nigeria. The state profile analysis revealed that the average price of 1kg of boneless beef varied widely across states, with Kwara State recording the highest average price of N5,500 and Benue State registering the lowest average price of N3,400.22.
The price of 1kg of local rice also varied considerably across the states in Nigeria. Niger State was identified as having the highest average price for local rice, with 1kg costing N1,699.98. On the other hand, Benue State recorded the lowest average price for local rice at N985.83.
An analysis of food prices across the different zones of Nigeria revealed a notable disparity. The South-South region had the highest average price for 1kg of boneless beef at N5,087.89. Similarly, the South-West and South-South zones recorded the highest average prices for local rice at N1,526.95 and N1,469.39, respectively.
Moreover, the South-East region recorded the highest average price for 1kg of brown beans at N1,465.87.
