Nationwide food price hike persists in February 2024 - Report

It said this in its Selected Food Prices Watch report for February 2024 released in Abuja on Saturday.

The report said that the average price of 1kg of boneless beef increased by 49.41 per cent from ₦2,445.96 recorded in February 2023 to ₦3,654.56 in February 2024.

“On a month-on-month basis, 1kg of boneless beef increased by 10.22 per cent in February from the ₦3,315.78 recorded in January 2024,’’ the report said.

It said that the average price of 1kg of local rice increased by 134.81 per cent on a year-on-year basis from ₦520.84 recorded in February 2023 to ₦1,222.97 in February 2024.

“On a month-on-month basis, 1kg of local rice increased by 19.69 per cent from the ₦1,021.79 recorded in January 2024.”

It said that the average price of 1kg of brown beans increased by 98.25 per cent on a year-on-year basis from ₦594.15 in February 2023 to ₦1,177.93 in February 2024.

“On a month-on-month basis, the price increased by 20.62 per cent from the ₦976.58 recorded in January 2024.”

The NBS said the average price of 1kg of onion bulb rose by 103.44 per cent on a year-on-year basis from ₦450.07 in February 2023 to 915.61 in February 2024.

“On a month-on-month basis, the price increased by 3.91 per cent from ₦881.20 recorded in January 2024.’’

The report said that the average price of 1kg of white garri increased by 109.16 per cent on a year-on-year basis from ₦345.88 in February 2023 to ₦723.45 in February 2024.

“On a month-on-month basis, 1kg of white garri increased by 20.44 per cent from ₦600.69 recorded in January 2024 to ₦723.45 in February 2024. ”

In addition, the average price of 1kg of yam tuber rose by 131.33 per cent on a year-on-year basis from ₦436.41 recorded in February 2023 to ₦1009.56 in February 2024.

“On a month-on-month basis, it increased by 11.93 per cent from ₦901.94 recorded in January 2024 to ₦1009.56 in February 2024.”

The report said the average price of 500g sliced bread increased by 89.48 per cent on a year-on-year basis from the ₦553.03 recorded in February 2023 to ₦1,047.86 in February 2024.

“On a month-on-month basis, 500g sliced bread increased by 15.91 per cent from the ₦904.02 recorded in January 2024.”

On state profile analysis, the report showed that in February 2024, the highest average price of 1kg of boneless beef was recorded in Abia at ₦4,595.69, while the lowest was recorded in Kogi at ₦2,680.03.

It said that Niger recorded the highest average price of 1kg of local rice at ₦1,670.96, while the lowest was recorded in Borno at ₦936.14.

The NBS said that the highest average price of 1kg of brown beans was recorded in Nasarawa at ₦1,500.17, while the lowest price was recorded in Sokoto at ₦734.48

It said the highest average price of 1kg of onion bulb was recorded in Akwa Ibom at ₦1,391.41 while the lowest was recorded in Zamfara at ₦446.67.

According to the report, Ogun recorded the highest average price of 1kg of white garri at ₦821.48, while the lowest was reported in Benue at ₦480.32.

It said Bayelsa recorded the highest average price of 1kg of yam tuber at ₦1,452.95, while the lowest average price was recorded in Borno at ₦626.59.

The NBS said Rivers recorded the highest average price of 500g sliced bread at ₦1,562.5, while the lowest price was recorded in Borno at ₦655.53.

Analysis by zone showed that the average price of 1kg of boneless beef was highest in the South-East at ₦4,483.78, followed by the South-West at ₦3,740.72.

“The lowest price was recorded in the North-West at ₦3,315.50.”

The South-West and North-Central recorded the highest average price of 1kg of local rice at ₦1,336.79 and ₦1,319.95 respectively, while the lowest price was in the North-West at ₦1,073.92.

The report said that the South-South recorded the highest average price of 1kg of brown beans at ₦1,395.23, followed by the South-East at ₦1,384.72, while the North-Central recorded the lowest price at ₦638.88.

It said that the South-South and South-West recorded the highest average price of 1kg of onion bulb at ₦1,363.66 and ₦1,047.61, respectively, while the lowest was recorded in the North-West at ₦546.79

The NBS said also that the South-East and South-South recorded the highest average price of 1kg of white garri at ₦788.28 and ₦760.23.

“The North-Central recorded the lowest price of 1kg of white garri at N638.88.”

The report said the South-South recorded the highest average price of 500g sliced bread, followed by the North-Central.

“The North-East recorded the lowest average price of 500g sliced bread at ₦867.31,” the NBS said.