Food Prices Rise in February 2024 – NBS

Food
FoodThe Business Executive

In its Selected Food Prices Watch report for February 2024, the National Bureau of Statistics (NBS) has unveiled a troubling trend - essential food items have witnessed substantial price rises, impacting consumers nationwide.

In Abuja, as per the report released, several staple foods like beef, rice, beans, onion, white garri, yam, and bread saw significant price hikes compared to the previous year. For instance, boneless beef experienced a remarkable 49.41% year-on-year surge, reaching N3,654.56 per kilogram in February 2024 compared to N2,445.96 in February 2023.

Similarly, local rice, a dietary staple for many Nigerians, saw a notable 134.81% year-on-year increase, rising from N520.84 to N1,222.97 per kilogram during the same period. Brown beans, onion bulb, white garri, yam tuber, and sliced bread also saw significant price increases, worsening the financial burden on households.

The disparity in food prices across regions was further highlighted through state-wise analysis. Abia State reported the highest average price for boneless beef at N4,595.69, whereas Kogi had the lowest at N2,680.03. Niger recorded the highest average price for local rice, while Borno reported the lowest, in a similar fashion.

In a breakdown by geographical zones, different price trends were observed, with the South-East and South-West generally experiencing the highest average prices for various food items. Conversely, the North-West consistently reported lower prices compared to other regions.

Amid ongoing economic challenges and inflationary pressures, this surge in food prices is posing significant hardships for consumers already grappling with limited purchasing power. As households continue to navigate these tough economic conditions, the increasing cost of essential food items adds pressure to budgets and worsens concerns about food insecurity.

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