NBS Report Reveals Continued Rise in Food Prices Across Nigeria

The National Bureau of Statistics (NBS) has reported a continued rise in the prices of essential food items such as beans, rice, bread, and eggs across Nigeria. This information was detailed in the Selected Food Prices Watch report for August 2024, highlighting significant price increases over the past year.

According to the report, the price of 1 kilogram of beans surged by 271.55% year-on-year, rising to N2,574.63 in August 2024, compared to N692.95 in August 2023. On a month-on-month basis, the price of beans also saw a 5.31% increase, climbing from N2,444.81 in July 2024.

The price of local rice followed a similar trend, with 1 kilogram of loose local rice increasing by 148.41% year-on-year. In August 2024, the price reached N1,831.05, a sharp rise from N737.11 recorded during the same period in 2023. On a month-on-month basis, the price of rice rose by 3.65%.

The cost of eggs also showed substantial inflation, with the price of a medium-sized dozen (12 pieces) increasing by 121.92%, rising from N1,031.55 in August 2023 to N2,289.19 in August 2024. Similarly, on a month-on-month basis, egg prices rose by 5.48% from N2,170.17 in July 2024.

These price hikes are part of a broader trend of rising food costs in Nigeria, driven by various economic factors, including inflation, exchange rate volatility, and the challenges of local food production. The report highlights the burden placed on households, as basic foodstuffs become increasingly expensive, raising concerns over food security and affordability for many Nigerians.

This persistent inflation in food prices underscores the need for government intervention and policies that address the rising cost of living and ensure access to affordable food for all citizens.