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  • Business - Market Data
  • Updated: April 27, 2024

Prices of food items rose in March— NBS

Prices of food items rose in March— NBS

According to the latest report from the National Bureau of Statistics, NBS, prices of essential food items such as beef, rice, beans, white garri, and yam witnessed an upward trend in March 2024. 

Released in Abuja on Friday, the NBS Selected Food Prices Watch report highlighted significant increases in prices compared to the previous year.

Notably, the average price of boneless beef surged by 73.78%, rising from N2,479.61 in March 2023 to N4,309.16 in March 2024.

“On a month-on-month basis, 1kg of boneless beef increased by 17.91 per cent in March from the N3,654.56 recorded in February 2024.”

It said that the average price of 1kg of local rice increased by 152.93 per cent on a year-on-year basis from N530.08 recorded in March 2023 to N1,340.74 in March 2024.

“On a month-on-month basis, 1kg of local rice increased by 9.63 per cent from the N1,222.97 recorded in February 2024.”

The report said that the average price of 1kg of brown beans increased by 106.78 per cent on a year-on-year basis from N596.96 in March 2023 to N1,234.40 in March 2024.

“On a month-on-month basis, the price increased by 4.79 per cent from the N1,177.93 recorded in February 2024.”

The NBS said that the average price of 1kg of white garri increased by 112.34 per cent on a year-on-year basis from N353.16 in March 2023 to N749.89 in March 2024.

“On a month-on-month basis, 1kg of white garri increased by 3.66 per cent from N723.45 recorded in February 2024 to N749.89 in March 2024.”

In addition, the average price of 1kg of yam tuber rose by 141.25 per cent on a year-on-year basis from N443.02 recorded in March 2023 to N1,068.78 in March 2024.

“On a month-on-month basis, it increased by 5.87 per cent from N1,009.56 recorded in February 2024 to N1,068. in March 2024.”

On state profile analysis, the report showed that in March 2024, the highest average price of 1kg of boneless beef was recorded in Kwara at N5,500, while the lowest was recorded in Benue at N3,400.22.

It said that Niger recorded the highest average price of 1kg of local rice at N1,699.98, while the lowest was recorded in Benue at N985.83.

The NBS said that the highest average price of 1kg of brown beans was recorded in Ondo at N1,596.68, while the lowest price was recorded in Sokoto at N745.5

According to the report, Ogun recorded the highest average price of 1kg of white garri at N1,021.13, while the lowest was reported in Benue at N490.55.

It said Edo recorded the highest average price of 1kg of yam tuber at N1,695.13, while the lowest average price was recorded in Katsina at N723.39.

Analysis by zone showed that the average price of 1kg of boneless beef was highest in the South-South at N5,087.89, followed by the South-East at N4,877.51.

“The lowest price was recorded in the North-West at N3,577.50.”

The South-West and South-South recorded the highest average price of 1kg of local rice at N1,526.95 and N1,469.39, respectively, while the lowest price was in the North-West at N1,104.96.

The report said that the South-East recorded the highest average price of 1kg of brown beans at N1,465.87, followed by the South-South at N1,459.22, while the North-West recorded the lowest price at N863.22.

The NBS also said that the South-West and South-East recorded the highest average price of 1kg of white garri at N894.51 and N835.67, respectively.

“The North-West recorded the lowest price of 1kg of white garri at N618.32.”

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