Local Rice, Beef, Eggs Lead The Way In October’s Food Price Surge – NBS Reports

The National Bureau of Statistics (NBS) has revealed that food prices saw substantial increases in October 2024, particularly for items such as beans, eggs, bread, and rice.

This was detailed in the NBS’s Selected Food Prices Watch report for October 2024, which was released in Abuja on Tuesday.

According to the report, the price of 1 kg of brown beans soared by 254.23% from ₦790.01 in October 2023 to ₦2,798.50 in October 2024. On a month-on-month comparison, the price rose by 2.19% from ₦2,738.59 in September 2024.

The average price of medium-sized Agric eggs (12 pieces) also saw a sharp year-on-year increase of 140.21%, climbing from ₦1,112.22 in October 2023 to ₦2,671.60 in October 2024. From September 2024, the price rose by 7.42%.

The cost of sliced bread increased by 103.76%, from ₦760.82 in October 2023 to ₦1,550.24 in October 2024. On a month-on-month basis, the price rose by 1.44% from ₦1,528.19 recorded in September 2024.

Similarly, 1 kg of local rice saw a year-on-year increase of 137.32%, rising from ₦819.42 in October 2023 to ₦1,944.64 in October 2024. The price of rice also rose by 1.56% compared to September 2024, when it was ₦1,194.77.

Additionally, the report highlighted that the price of 1 kg of boneless beef surged by 98.73% year-on-year, from ₦2,948.03 in October 2023 to ₦5,858.58 in October 2024, marking a 3.99% increase from the ₦5,633.60 recorded in September 2024.

On a state-by-state basis, the report showed that Bauchi had the highest average price for 1 kg of brown beans at ₦3,750.00, while Yobe had the lowest at ₦1,749.52.

Niger recorded the highest price for medium-sized Agric eggs at ₦3,450.00, and Adamawa had the lowest at ₦2,050.00. For sliced bread, Rivers recorded the highest average price at ₦1,867.14, while Yobe had the lowest at ₦960.07.

Further analysis by zone showed that the South-South region had the highest price for 1 kg of brown beans at ₦3,274.39, while the North-East recorded the lowest at ₦2,294.29.

The North-Central and South-East regions had the highest average price for medium-sized eggs, while the South-West had the lowest.

The South-South region also had the highest average price for sliced bread at ₦1,829.25, while the North-East had the lowest at ₦1,360.85.

For local rice, the South-East and South-West regions recorded the highest prices for 1 kg of loose rice, at ₦2,146.08 and ₦2,011.05, respectively. The North-West recorded the lowest at ₦1,763.62.

In response to the rising food prices, the federal government had introduced a 150-day duty-free import window for specific food commodities, including maize, cowpeas, wheat, and husked brown rice, starting in July 2024.

However, experts suggest that addressing systemic issues such as insecurity, foreign exchange, and transportation costs would provide more sustainable solutions to food price inflation and ensure long-term food security.