Food prices rise in October 2024 — NBS

The National Bureau of Statistics (NBS) says prices of beans, eggs, bread, rice, and other food items witnessed significant price increases in October 2024.

The NBS said this in its Selected Food Prices Watch report for October 2024 released in Abuja on Tuesday.

The report said that the average price of 1kg of brown beans increased by 254.23 per cent from N790.01 recorded in October 2023 to N2,798.50 in October 2024.

“On a month-on-month basis, 1kg of brown beans increased by 2.19 per cent in October from the N2,738.59 recorded in September 2024.”

It said that the average price of medium-sized Agric eggs (12 pieces) increased by 140.21 per cent on a year-on-year basis from N1,112.22 in October 2023 to N2,671.60 in October 2024.

“On a month-on-month basis, the eggs increased by 7.42 per cent from the N2, 487.04 recorded in September 2024.”

The report said that the average price of sliced bread increased by 103.76 per cent on a year-on-year basis from N760.82 in October 2023 to N1,550.24 in October 2024.

“On a month-on-month basis, the price increased by 1.44 per cent from the N1,528.19 recorded in September 2024.”

In addition, the average price of 1kg of local rice rose by 137.32 per cent on a year-on-year basis from N819.42 recorded in October 2023 to N1,944.64 in October 2024.

“On a month-on-month basis, it increased by 1.56 per cent from N1,194.77 recorded in September 2024.”

Also, the report said that the average price of 1kg of boneless beef increased by 98.73 per cent on a year-on-year basis from N2,948.03 in October 2023 to N5,858.58 in October 2024.

“ On a month-on-month basis, the price increased by 3.99 per cent from the N5,633.60 recorded in September 2024.”

On state profile analysis, the report showed that in oc 2024, the highest average price of 1kg of brown beans was recorded in Bauchi at N3,750.00, while the lowest was recorded in Yobe at N1,749.52.

It said that Niger recorded the highest average price of medium size Agric eggs (12 pieces) at N3, 450.00, while the lowest was in Adamawa at N2,050.00.

The NBS said that the highest average price of sliced bread was recorded in Rivers at N1,867.14, while the lowest price was recorded in Yobe at N960.07.

According to the report, Kogi recorded the highest average price of 1kg local rice (sold loose) at N2,693.41, while the lowest was reported in Benue at N1,267. 25.

Analysis by zone showed that the average price of 1kg of brown beans was highest in the South-South at N3,274.39, followed by the North-Central at N2,990.02.

“The lowest price was recorded in the North-East at N2,294.29.”

The North-Central and South-East recorded the highest average price of medium size agric eggs(12 pieces) at N2,915.58 and N2,879.24, respectively, while the lowest price was in the South-West at N2,472.94.

The report said that the South-South recorded the highest average price of sliced bread at N1,829.25, followed by the South-East at N1,665.56, while the North-East recorded the lowest price at N1,360.85.

The NBS said also that the South-East and the South-West recorded the highest average price of 1kg of local rice(sold loose) at N2,146.08 and N2,011.05, respectively.

“The North-West recorded the lowest price of 1kg of local rice (sold loose) at N1,763.62.”

Supreme News reports that in July, the federal government in a bid to address the incessant increase in food prices and ensure food security granted a 150-day duty-free import window for food commodities.

The suspended duty tariffs and taxes will be on the importation of certain food items across the land and sea borders which include maize, cowpeas, wheat, and husked brown rice.

However, experts have suggested more sustainable measures such as addressing the issue of insecurity, foreign exchange and transportation costs to address the soaring food prices and ensure food security.