Prices of Key Food Items Surge in October 2024, NBS Reports

The National Bureau of Statistics (NBS) has reported significant price increases in essential food items, including beans, eggs, bread, rice, and beef, for the month of October 2024.

According to the NBS’s Selected Food Prices Watch report released in Abuja on Tuesday, the average price of 1kg of brown beans rose by a staggering 254.23% from N790.01 in October 2023 to N2,798.50 in October 2024. On a month-on-month basis, the price of brown beans increased by 2.19% from N2,738.59 in September 2024.

The report also highlighted a sharp rise in the price of medium-sized Agric eggs (12 pieces), which saw an increase of 140.21% year-on-year, from N1,112.22 in October 2023 to N2,671.60 in October 2024. Month-on-month, the price of eggs increased by 7.42% from N2,487.04 in September 2024.

Sliced bread also saw a significant rise, with the average price per loaf up 103.76% from N760.82 in October 2023 to N1,550.24 in October 2024. The price increased by 1.44% from N1,528.19 in September 2024.

Local rice prices surged by 137.32% from N819.42 in October 2023 to N1,944.64 per kg in October 2024. Month-on-month, the price of rice increased by 1.56% from N1,194.77 in September 2024.

Boneless beef also saw a significant price increase, rising by 98.73% from N2,948.03 in October 2023 to N5,858.58 in October 2024, with a 3.99% month-on-month increase from N5,633.60 in September 2024.

The NBS report provided a state-level breakdown, showing that Bauchi recorded the highest price for brown beans at N3,750.00, while Yobe had the lowest at N1,749.52. For medium-sized eggs, Niger recorded the highest average price at N3,450.00, while Adamawa had the lowest at N2,050.00. Rivers saw the highest price for sliced bread at N1,867.14, while Yobe recorded the lowest at N960.07.

Price variations were also observed across regions. The South-South had the highest average price for brown beans at N3,274.39, while the North-East had the lowest at N2,294.29. The South-South also recorded the highest price for sliced bread at N1,829.25, and the North-East had the lowest at N1,360.85.

In the case of local rice, Kogi recorded the highest average price at N2,693.41, while Benue had the lowest at N1,267.25.

The federal government had introduced a 150-day duty-free import window for certain food items in July, including maize, wheat, and rice, in an attempt to curb rising food prices. However, experts have called for more sustainable solutions, such as addressing insecurity, foreign exchange challenges, and transportation costs, to effectively tackle food price inflation and ensure long-term food security.