The latest Selected Food Price Watch report by the National Bureau of Statistics (NBS) has revealed a substantial rise in the cost of basic food items in Nigeria, with rice, beans, and bread, among others experiencing sharp price increases in August 2024 compared to August 2023.
According to the report, the average price of 1kg of brown beans (sold loose) soared to N2,574.63 in August 2024, marking a staggering 271.55% increase from N692.95 in August 2023. On a month-on-month basis, the price also rose by 5.31%, up from N2,444.81 in July 2024.
Similarly, medium-sized agric eggs (12 pieces) recorded a significant year-on-year price jump of 121.92%, rising from N1,031.55 in August 2023 to N2,289.19 in August 2024. The month-on-month increase was 5.48%, as the price rose from N2,170.17 in July 2024.
In addition, the price of sliced bread, a popular food item in Nigeria, also witnessed a notable year-on-year increase of 113.16%, with the average cost per loaf rising from N684.85 in August 2023 to N1,459.85 in August 2024. On a month-on-month basis, bread prices increased by 2.28%, up from N1,427.25 in July 2024.
The price of 1 kg of local rice surged by 148.41% year-on-year, rising from N737.11 in August 2023 to N1,831.05 in August 2024, with a 3.65% month-on-month increase.
The average price of a yam tuber rose by 188.31% year-on-year, from N576.39 in August 2023 to N1,661.80 in August 2024, although the price saw a 7.82% month-on-month decline from N1,802.84 in July 2024.
Other staple foods, including locally sold rice and yam tubers, also recorded significant price hikes.
However, some food items experienced a decline in prices. The price of 1 kg of tomatoes decreased by 11.07% month-on-month, dropping from N1,693.83 in July 2024 to N1,506.35 in August.
