Going by the data released by the National Bureau of Statistics (NBS) on Wednesday, February 28, Nigerians have doubled the money allocated on food items in the last 12 months.
The data by the NBS shows some items almost have their prices increased by 100 per cent, especially food staple such as rice.
The report tagged; ‘Selected Food Price Watch for January 2024,’ shows that the average price of 1kg Rice local was N514. in January 2023, but rose to N1,021 in January 2024, a movement of almost 98.4 per cent.
On month-on-month, 1kg of rice rose by 11.31 per cent. In December 2023, 1kg of rice was N917. It moved to N1,021 in January 2024.
Other food items also have their prices rising significantly in the last 12 months.
The report shows that in 2023, the average price of 1kg of Beef boneless increased by 37.08% on a year-on-year basis from N2,418.91 in January of last year (2023) to N3,315.78 in January 2024.
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On a month-on-month basis, the average price of the beef increased by 5.37% from N3,146.94 in December 2023.
The average price of 1kg of Beans brown (sold loose) rose by 64.42% on a year-on-year basis from N593.96 in January 2023 to N976.58 in January 2024.
On a month-on-month basis, it increased by 12.16% from N870.67 in December 2023.
Similarly, the average price of 1kg onion bulb rose by 97.38% on a year-on-year basis from N446.44 in January 2023 to N881.20 in January 2024, while there was a decline of 9.33% on a month-on-month basis.
In addition, the average price of 1kg of Tomato rose by 80.98% on a year-on-year basis from N467.04 in January 2023 to N845.26 in January 2024.
On a month-on-month basis, it increased by 3.82% from N814.16 in December 2023 to N845.26 in January 2024.
How the prices are doing in the states
The state profile analysis in January 2024 reveals that the highest average price of 1kg of Rice local sold loose was recorded in Abuja state at N1,350 while the lowest was recorded in Benue state at N800.64.
The highest average price of 1kg of Beef boneless, was recorded in Abuja at N4,000, while the lowest was recorded in Gombe State at N2,639.
In terms of the average price of 1kg of Beans brown (sold loose), Akwa-Ibom state recorded the highest price at N 1,466.67, while Adamawa recorded the least price at N677.23.
Rivers state recorded the highest average price of 1kg of Onion bulb at N 1,454.09, while the lowest was reported in Zamfara at N435.71.
The highest average price of 1kg of Tomato was recorded in Delta at N1,474.79, while the least average price was recorded in Kano at N422.7.
