A recent report by the National Bureau of Statistics (NBS) has highlighted a dramatic increase in the prices of staple food items across Nigeria, with key staples such as beef, rice, beans, garri, and yam experiencing substantial hikes over the past year.
According to the NBS’s Selected Food Prices Watch for March 2024, released on Friday in Abuja, the average price of 1kg of boneless beef surged by 73.78% year-on-year from ₦2,479.61 in March 2023 to ₦4,309.16 in March 2024.
The month-on-month increase alone was 17.91% from February 2024.
The report also detailed a significant 152.93% increase in the price of 1kg of local rice year-on-year, rising from ₦530.08 in March 2023 to ₦1,340.74 in March 2024.
Similarly, the price of brown beans increased by 106.78% year-on-year from ₦596.96 to ₦1,234.40.
White garri, a staple for many Nigerian households, saw its price increase by 112.34% from ₦353.16 per kg in March 2023 to ₦749.89 in March 2024.
The price of 1kg of yam tuber also rose significantly by 141.25% from ₦443.02 to ₦1,068.78 over the same period.
The state profile analysis within the report revealed some geographical disparities in food prices.
For instance, Kwara State recorded the highest average price for 1kg of boneless beef at ₦5,500, while the lowest was in Benue at ₦3,400.22.
Niger State saw the highest price for 1kg of local rice at ₦1,699.98, with Benue recording the lowest at ₦985.83.
Zone-wise, the South-South region recorded the highest average price for 1kg of boneless beef at ₦5,087.89, and the South-West and South-South zones saw the highest prices for local rice at ₦1,526.95 and ₦1,469.39, respectively.
The South-East showed the highest prices for brown beans at ₦1,465.87.
