The price of a 50 kg bag of local rice has surged by 152.9% year-on-year, rising to N95,738 in September 2024 from N37,853 in September 2023, according to the latest data from the National Bureau of Statistics (NBS).
The NBS report, titled ‘Selected Food Price Watch for September 2024’, also revealed that the price of 1 kilogram (kg) of local rice stood at N1,914.77 during the period, marking a significant increase in food prices across the country.
“The average price of 1kg local rice sold loose went up by 152.92 percent on a year-on-year basis from N757.06 in September 2023 to N1,914.77 in September 2024, while there was an increase of 4.57 percent on a month-on-month basis,” the NBS reported.
Beans, another staple food, recorded an even higher growth rate of over 200% year-on-year, with the price of 1 kg of brown beans (sold loose) climbing to N2,738.59.
“The average price of 1kg beans brown (sold loose) stood at N2,738.59. This indicates a rise of 281.97% in price on a year-on-year basis from N716.97 recorded in September 2023, and a 6.37 percent rise on a month-on-month basis from N2,574.63 in August 2024,” the report added.
Other essential food items have also seen substantial price increases. The cost of 1kg of boneless beef jumped by 99.99% year-on-year, from N2,816.91 in September 2023 to N5,633.60 in September 2024.
“Agric eggs medium size (12 piece) experienced significant price increases year on year by N137.43 percent from N1,047.47 in September of last year (2023) to N2,487.04 in September 2024. On a month-on-month basis, the average price of this item rose by 8.64 percent from N2,289.19 in August 2024,” the report stated.
Sliced bread also experienced notable inflation, with the price rising by 115.74% year-on-year, from N708.36 in September 2023 to N1,528.19 in September 2024.
State-by-state breakdowns showed that Bauchi recorded the highest price for 1kg of brown beans, sold at N3,450.04, while Adamawa had the lowest at N1,800.
Niger State had the highest price for a dozen medium-sized agric eggs at N3,000.84, with Borno recording the lowest price at N2,075.58.
