The National Bureau of Statistics (NBS) has reported a significant rise in the prices of essential food items, including beans, eggs, bread, and rice, in October 2024.
According to the Selected Food Prices Watch Report released in Abuja on Tuesday, the average price of 1 kilogram of brown beans surged by 254.23% year-on-year, increasing from N790.01 in October 2023 to N2,798.50 in October 2024. On a month-to-month basis, the price rose by 2.19%, up from N2,738.59 in September 2024.
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Similarly, the average price of a dozen medium-sized Agric eggs saw a 140.21% increase over the year, rising from N1,112.22 in October 2023 to N2,671.60 in October 2024. Month-on-month, the price rose by 7.42%, compared to N2,487.04 in September 2024.
The report also highlighted a sharp increase in the cost of sliced bread, with prices jumping by 103.76% from N760.82 in October 2023 to N1,550.24 in October 2024. Local rice prices similarly spiked, recording a 137.32% year-on-year increase, from N819.42 to N1,944.64 during the same period.
Boneless beef prices rose as well, with the cost of 1 kilogram increasing by 98.73% from N2,948.03 in October 2023 to N5,858.58 in October 2024.
Regional price variations
The report revealed notable regional price disparities:
- Beans: Bauchi had the highest price for 1 kilogram at N3,750.00, while Yobe recorded the lowest at N1,749.52.
- Eggs: Niger had the most expensive dozen medium-sized eggs at N3,450.00, while Adamawa recorded the lowest at N2,050.00.
- Bread: Rivers State led with an average sliced bread price of N1,867.14, while Yobe had the lowest at N960.07.
- Rice: Kogi reported the highest price for 1 kilogram of local rice at N2,693.41, with Benue having the lowest at N1,267.25.
Experts call for sustainable solutions
The NBS noted efforts by the federal government to address rising food costs, including a 150-day duty-free import window for commodities such as maize, cowpeas, and husked brown rice. However, experts have called for long-term solutions, emphasizing the need to address insecurity, foreign exchange challenges, and transportation costs to achieve sustainable food security.
