Prices Of Local Rice And Beans Skyrocket By Over 150% In Latest NBS Report

The National Bureau of Statistics (NBS) has released new data showing a sharp increase in the prices of local rice and beans over the past year.

According to the ‘Selected Food Price Watch’ for September 2024, the price of a 50 kg bag of local rice saw a massive jump of 152.9 percent. It rose from ₦37,853 in September 2023 to ₦95,738 in September 2024.

The price of 1 kilogram of local rice also increased significantly. The report shows it now costs ₦1,914.77. The NBS stated, “The average price of 1kg Local rice sold loose went up by 152.92 percent on a year-on-year basis from ₦757.06 in September 2023 to ₦1,914.77 in September 2024, while there was an increase of 4.57 percent on a month-on-month basis.”

The report also noted a significant rise in the price of other food items. For example, the price of 1kg of boneless beef increased by 99.99 percent, going from ₦2,816.91 in September 2023 to ₦5,633.60 in September 2024. On a month-to-month basis, it rose by 1.44 percent from ₦5,553.80 in August 2024. Beans have also become more expensive. The price of 1kg of brown beans rose by 281.97 percent year-on-year, from ₦716.97 in September 2023 to ₦2,738.59 in September 2024, and increased by 6.37 percent from ₦2,574.63 in August 2024.

Eggs have also seen a dramatic rise in price. A dozen medium-sized eggs went up by 137.43 percent from ₦1,047.47 in September 2023 to ₦2,487.04 in September 2024. On a month-on-month basis, the price of eggs rose by 8.64 percent, increasing from ₦2,289.19 in August 2024. Bread prices have also surged. The price of sliced bread jumped by 115.74 percent from ₦708.36 in September 2023 to ₦1,528.19 in September 2024, with a 4.68 percent rise from ₦1,459.85 in August 2024.

The NBS report also provided details on the price differences across states. In September 2024, Bauchi had the highest average price for 1kg of brown beans at ₦3,450.04, while Adamawa recorded the lowest price at ₦1,800. For a dozen medium-sized eggs, Niger State had the highest price at ₦3,000.84, while Borno had the lowest at ₦2,075.58.

Regarding sliced bread, Rivers State had the highest price at ₦1,852.5, while Yobe had the lowest at ₦982.79. Kogi recorded the highest average price for 1kg of local rice sold loose at ₦2,688.04, while the lowest was found in Benue at ₦1,229.14.

Send Us A Press Statement Advertise With Us Contact Us

 And For More Nigerian News Visit GWG.NG