Economic Hardship: Beef prices jumped by 10.2%, local rice 19.6%, and beans 20.6% in one month, says National Bureau of Statistics
The National Bureau of Statistics (NBS) says prices of beef, rice, beans, onion, white garri, yam, bread, and other food items increased in February 2024.
It said this in its Selected Food Prices Watch report for February 2024, released in Abuja on Saturday.
The report said the average price of 1kg of boneless beef increased by 49.41 per cent, from N2,445.96 in February 2023 to N3,654.56 in February 2024.
“On a month-on-month basis, 1kg of boneless beef increased by 10.22 per cent in February from the N3,315.78 recorded in January 2024,’’ the report said.
It said the average price of 1kg of local rice increased by 134.81 per cent on a year-on-year basis from N520.84 in February 2023 to N1,222.97 in February 2024.
“On a month-on-month basis, 1kg of local rice increased by 19.69 per cent from the N1,021.79 recorded in January 2024,” it said.
It said the average price of 1kg of brown beans increased by 98.25 per cent on a year-on-year basis from N594.15 in February 2023 to N1,177.93 in February 2024.
NBS said, “On a month-on-month basis, the price increased by 20.62 per cent 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.
“On a month-on-month basis, the price increased by 3.91 per cent from N881.20 recorded in January 2024,’’ it said.
The report said 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,” NBS said.
In addition, the average price of 1kg of yam tuber rose by 131.33 per cent year-on-year from 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,” it said.
The report said the average price of 500g sliced bread increased by 89.48 per cent on a year-on-year basis from the N553.03 recorded in February 2023 to N1,047.86 in February 2024.
“On a month-on-month basis, 500g sliced bread increased by 15.91 per cent from the N904.02 recorded in January 2024.”
The report on state profile analysis 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 in Kogi at N2,680.03.
It said 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 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 said the highest average price of 1kg of onion bulb was recorded in Akwa Ibom at N1,391.41, while the lowest was recorded in Zamfara at N446.67.
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 lowest 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 Borno recorded the lowest price, 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 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 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 also said that the 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,” it said.
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The report said the South-South recorded the highest average price of 500g sliced bread, followed by the North-Central.
The NBS said, “The North-East recorded the lowest average price of 500g sliced bread at N867.31.”
(NAN)
