Food Prices Skyrocket Across Nigeria, NBS Report Shows

A recent report by the National Bureau of Statistics (NBS) on its latest selected Food Prices Watch for November has confirmed the hike in the prices of beef, rice, beans, onion, tomato, and other selected food items rose.

The report released at the weekend revealed that the average price of 1kg local rice sold loose stood at N867.18, indicating an increase of 73.16 percent in price on a year-on-year basis from N500.80 recorded in November 2022 and a 5.83% rise in price on a month-on-month basis from N819.42 in October 2023.

Similarly, the average price of 1kg of Beef boneless increased by 29.61% year-on-year from N2,337.46 in November of last year (2022) to N3,029.50 in November 2023. On a month-on-month basis, the average price of this item increased by 2.76% from N2,948.03 in October 2023.

The report showed that the average price of 1kg of Beans brown (sold loose) rose by 44.99% on a year-on-year basis from N578.55 in November 2022 to N838.85 in November 2023. On a month-on-month basis, it increased by 6.18% from N790.01 in October 2023.

In the same vein, the average price of a 1kg onion bulb rose by 60.62% on a year-on-year basis from N425.71 in November 2022 to N683.78 in November 2023, while there was an increase of 15.35% on a month-on-month basis.

The average price of 1kg of tomato increased by 66.69 per cent on a year-on-year basis from N455.13 in November 2022 to N758.65 in November 2023, it stated.

On a month-on-month basis, 1kg of tomato increased by 12.24 per cent from the N675.91 recorded in October to N758.65 in November 2023.

On state profile analysis, the report showed that the highest average price of 1kg of boneless beef was recorded in Anambra at N3,850.47, while the lowest price was recorded in Yobe at N2,533.33.

The NBS stated that Lagos recorded the highest average price of 1kg of local rice at N1,122.42, while the lowest was recorded in Kebbi at N688.00.

It added that the highest average price of 1kg of brown beans was recorded in Imo at N1,109.75, while the lowest price was recorded in Jigawa at N575.

The average price of 1kg of onion bulb was recorded in Anambra at N872.23, while the lowest was recorded in Gombe at N506.41.

The report indicated that Delta recorded the highest average price of 1kg of tomato at N1,505.16, while Kano recorded the lowest price at N396.04

Analysis by zone showed that the average price of 1kg of boneless beef was highest in the Southeast at N3,643.65, followed by the Southwest at N3,290.11.

The lowest price was recorded in the Northeast at N2,632.22.

The Southwest and South-South recorded the highest average price of 1kg of local rice at N956.28 and N932.47, respectively, while the lowest price was in the Northeast at N776.12.