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April 17, 2024

 NBS Watch Report Shows How Much Food Prices Surged in February

The National Bureau of Statistics (NBS) reported a significant increase in food prices across Nigeria in February 2024. Their Selected Food Prices Watch report, released in Abuja on Saturday, detailed these rises.

The average price of 1kg of boneless beef surged by 49.41% year-on-year, rising from N2,445.96 in February 2023 to N3,654.56 in February 2024. There was also a 10.22% increase compared to January 2024.

The NBS stated that the average price of 1kg of local rice skyrocketed by 134.81% year-on-year, going from N520.84 in February 2023 to N1,222.97 in February 2024. On a monthly basis, the price rose 19.69% from January 2024.

Similar trends were observed in other food staples. The average price of 1kg of brown beans increased by 98.25% year-on-year and 20.62% month-on-month. The price of 1kg of onion bulb rose by 103.44% year-on-year and 3.91% month-on-month.

The report also highlighted increases in white garri (109.16% year-on-year, 20.44% month-on-month), yam tuber (131.33% year-on-year, 11.93% month-on-month), and 500g sliced bread (89.48% year-on-year, 15.91% month-on-month).

The NBS report included a state-by-state breakdown of average food prices in February 2024. For example, Abia had the highest average price for 1kg of boneless beef (N4,595.69), while Kogi had the lowest (N2,680.03). Similar variations were seen across other food items.

The report further provided a zonal analysis of food prices. The South-east had the highest average price for 1kg of boneless beef (N4,483.78), followed by the South-west (N3,740.72) and the North-west (N3,315.50). Zonal variations were also observed for other food staples.

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