The National Bureau of Statistics (NBS) has stated that prices of beans, eggs, bread, rice, and other food items will rise significantly in October 2024.
The NBS stated this in its Selected Food Prices Watch report for October 2024, which was released on Tuesday in Abuja. According to the research, the average price of 1kg of brown beans climbed by 254.23%, from N790.01 in October 2023 to N2,798.50 in October 2024. “On a month-on-month basis, 1kg of brown beans increased by 2.19 per cent in October from the N2,738.59 recorded in September 2024.”
It stated that the average price of medium-sized agricultural eggs (12 pieces) climbed by 140.21 percent year on year, from N1,112.22 in October 2023 to N2,671.60 in October 2024. “On a month-on-month basis, the eggs increased by 7.42 per cent from the N2, 487.04 recorded in September 2024.”
According to the research, the average price of sliced bread grew 103.76 percent year on year, from N760.82 in October 2023 to N1,550.24 in October 2024.
“On a month-on-month basis, the price increased by 1.44 per cent from the N1,528.19 recorded in September 2024.” In addition, the average price of 1kg of local rice increased by 137.32 percent year on year, from N819.42 in October 2023 to N1,944.64 in October 2024.
“Onamonth-on-month basis, it increased by 1.56 per cent from N1,194.77 recorded in September 2024.” According to the research, the average price of 1kg of boneless beef jumped by 98.73 per cent year on year, from N2,948.03 in October 2023 to N5,858.58 in October 2024. “On a month-on-month basis, the price increased by 3.99 per cent from the N5,633.60 recorded in September 2024.”
According to state profile data, the greatest average price for 1kg of brown beans in October 2024 was registered in Bauchi at N3,750.00, while the lowest was recorded in Yobe at N1,749.52. It stated that Niger had the highest average price for medium-sized Agric eggs (12 pieces) at N3, 450.00, while Adamawa had the lowest at N2,050.00.
The highest average price for sliced bread was recorded in Rivers at N1,867.14, and the lowest price was recorded in Yobe at N960.07. According to the research, Kogi had the highest average price for 1kg of local rice (sold loose), at N2,693.41. Benue reported the lowest at N1,267. 25.
According to zone analysis, the South-South had the highest average price for 1kg of brown beans at N3,274.39, followed by the North-Central at N2,990.02. “The lowest price was recorded in the North-East at N2,294.29.” The North-Central and South-East regions had the highest average prices for medium size agric eggs (12 pieces), at N2,915.58 and N2,879.24, respectively.
The South-South had the highest average price for sliced bread at N1,829.25, followed by the South-East at N1,665.56, and the North-East had the lowest price at N1,360.85. The NBS also stated that the South-East and South-West had the highest average prices for 1kg of local rice (sold loose), at N2,146.08 and N2,011.05, respectively. “The North-West recorded the lowest price of 1kg of local rice (sold loose) at N1,763.62.”
In July, the federal government granted a 150-day duty-free import window for basic items in response to the ongoing rise in food prices and to assure food security. The suspended duty tariffs and taxes will apply to the import of specific food goods across land and sea borders, including maize, cowpeas, wheat, and husked brown rice.
Experts, on the other hand, have proposed more long-term solutions, such as addressing insecurity, foreign exchange, and transportation costs, in order to combat rising food prices and assure food security.
