NBS Report Shows Food Prices Soar in February 2024

According to the National Bureau of Statistics (NBS) recent report for February 2024, the cost of bread, yam, white garri, beans, onions, beef, and other food items increased.

It said this was in its Selected Food Prices Watch report for February 2024, released in Abuja on Saturday.

The report details show that the average cost of a kilogram of boneless beef increased from N2,445.96 in February 2023 to N3,654.56 in February 2024, an increase of 49.41%.

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“On a month-on-month basis, 1kg of boneless beef increased by 10.22% in February from the N3,315.78 recorded in January 2024,’’ the report said.

It also stated that the average cost of one kilogram of local rice increased from N520.84 in February 2023 to N1,222.97 in February 2024, a year-over-year increase of 134.81%.

“On a month-on-month basis, 1kg of local rice increased by 19.69% from the N1,021.79 recorded in January 2024.”

The average cost of one kilogram of brown beans also increased from N594.15 in February 2023 to N1,177.93 in February 2024, a year-over-year increase of 98.25%. 

“On a month-on-month basis, the price increased by 20.62% from the N976.58 recorded in January 2024.”

The NBS also reported that the average price of 1kg of onion bulb rose by 103.44% on a year-on-year basis, from N450.07 in February 2023 to 915.61 in February 2024.

“On a month-on-month basis, the price increased by 3.91% from N881.20 recorded in January 2024.’’

According to the report, the average price of one kilogram of white garri rose from N345.88 in February 2023 to N723.45 in February 2024, a 109.16% year-over-year increase.

“On a month-on-month basis, 1kg of white garri increased by 20.44% from N600.69 recorded in January 2024 to N723.45 in February 2024. ”

In addition, the average price of 1kg of yam tuber rose by 131.33% year-on-year from N436.41 recorded in February 2023 to N1009.56 in February 2024.

“On a month-on-month basis, it increased by 11.93% from N901.94 recorded in January 2024 to N1009.56 in February 2024.”

The report said the average price of 500g sliced bread increased by 89.48% on a year-on-year basis from the N553.03 recorded in February 2023 to N1,047.86 in February 2024.

“On a month-on-month basis, 500g sliced bread increased by 15.91% from the N904.02 recorded in January 2024.”

The report on state profile analysis showed that in February 2024, the highest average price of 1kg of boneless beef was recorded in Abia at N4,595.69, while the lowest was in Kogi at N2,680.03.

It stated that Niger had the highest average price of N1,670.96 for a kilogram of local rice, while Borno had the lowest average price of N936.14.

The NBS also said that the highest average price of 1kg of brown beans was recorded in Nasarawa at N 1,500.17, while the lowest was in Sokoto at N734.48.

It stated that Zamfara had the lowest average price of N446.67 for a kilogram of onion bulbs, while Akwa Ibom had the highest average price of N1,391.41.

Benue recorded the lowest average price of N480.32 for a kilogram of white garri, while Ogun had the highest average price of N821.48. 

Bayelsa recorded the highest average price of 1kg of yam tuber at N1,452.95, while Borno recorded the lowest average price at N 626.59.

The NBS said Rivers recorded the highest average price of 500g sliced bread, at N1,562.5, while Borno recorded the lowest price, at N655.53.

According to zone-by-zone analysis, the South-east had the highest average price of N4,483.78, followed by the South-west at N3,740.72.

The average price of one kilogram of local rice was N1,336.79 in the South-West and N1,319.95 in the North-Central regions, respectively, while the North-West had the lowest price, N1,073.92.

According to the released report, the average price of one kilogram of brown beans was N1,395.23, highest in the South-South and N1,384.72 in the South-East, with N638.88 being the lowest in the North-Central region.

It stated that the North-west recorded the lowest average price of N546.79 for a kilogram of onion bulbs, while the South-south and South-west recorded the highest prices at N1,363.66 and N1,047.61.

According to the NBS, the South-east and South-South recorded the highest average price of N788.28 and N760.23 for 1kg of white garri, respectively. 

According to the report, the South-South and North-Central regions had the highest average prices for 500g of sliced bread.