The National Bureau of Statistics (NBS) has revealed a sharp rise in the prices of essential food commodities in September 2024, with key items such as beans, eggs, bread, rice, and tomatoes experiencing significant increases.
The data was disclosed in the NBS’s Selected Food Prices Watch report, released on Wednesday in the capital city.
According to the report, the average price of 1kg of brown beans surged by 281.97% from ₦716.97 in September 2023 to ₦2,738.59 in September 2024. On a monthly basis, the price increased by 6.37%, compared to ₦2,574.63 in August 2024.
Egg prices were similarly affected, with the cost of 12 medium-sized agric eggs rising by 137.43% year-on-year, from ₦1,047.47 in September 2023 to ₦2,487.04 in September 2024. The month-on-month increase was 8.46%.
Other staples also saw price hikes, with the cost of sliced bread climbing by 115.74% from ₦708.36 to ₦1,528.19 over the year, and by 4.68% from August 2024 to September. Local rice prices rose 152.92%, reaching ₦1,914.77 per kg, a slight monthly increase of 4.57%.
The price of beef, however, presented a mixed picture. The cost of 1kg of boneless beef nearly doubled year-on-year, from ₦2,816.91 to ₦5,633.60, although it saw a 1.44% decline in September compared to the previous month.
The report also highlighted the increase in tomato prices, which spiked by 152.94% from ₦565.69 to ₦1,430.87 on a yearly basis. However, month-on-month, the price dropped by 5.01%.
Regional and Zonal Disparities
The NBS report provided a detailed breakdown of food prices across various states and regions. Bauchi recorded the highest price for 1kg of brown beans at ₦3,450.04, while Adamawa had the lowest at ₦1,800. Niger recorded the highest price for a dozen eggs at ₦3,000.84, while Borno had the lowest at ₦2,075.58. For bread, Rivers State recorded the highest price at ₦1,852, while Yobe had the lowest at ₦982.79.
The highest average price of 1kg of local rice was found in Kogi, at ₦2,688.04, while Benue reported the lowest at ₦1,229.14. In terms of tomatoes, Abuja saw the highest prices at ₦2,212.61, while Kano recorded the lowest at ₦656.21.
Zonal analysis showed that the South-South region had the highest average price for brown beans at ₦3,241.46, while the North-West recorded the lowest at ₦2,316.42. The North-Central and North-East zones had the highest average price for eggs, with prices exceeding ₦2,500, while the lowest prices were observed in the North-West at ₦2,249.65.
Government Intervention and Expert Opinions
In response to the soaring food prices, the Federal Government introduced a 150-day duty-free window in July 2024, aimed at reducing the cost of essential food imports, including maize, cowpeas, wheat, and brown rice. The measure is intended to curb the ongoing food inflation and ensure food security. However, analysts have pointed out that more long-term solutions are needed. They have called for addressing challenges such as insecurity, foreign exchange shortages, and rising transportation costs, which continue to drive up food prices across the country.
The NBS report underscores the urgency of these interventions, as Nigerians continue to grapple with the rising cost of living driven by escalating food prices.
