Kehinde Fajobi
The National Bureau of Statistics (NBS) has reported significant increases in the prices of key food items, including beans, eggs, bread, and rice, in October 2024.
In its Selected Food Prices Watch report, released on Tuesday in Abuja, the NBS revealed that the average price of 1 kg of brown beans rose by 254.23% from ₦790.01 in October 2023 to ₦2,798.50 in October 2024.
On a month-on-month basis, the price increased by 2.19% from ₦2,738.59 recorded in September 2024.
The cost of 12 medium-sized agric eggs also surged, increasing by 140.21% year-on-year from ₦1,112.22 in October 2023 to ₦2,671.60 in October 2024.
Month-on-month, the price rose by 7.42%, up from ₦2,487.04 in September 2024.
Sliced bread saw a 103.76% year-on-year hike, with its price rising from ₦760.82 in October 2023 to ₦1,550.24 in October 2024.
On a monthly basis, it climbed by 1.44%, compared to ₦1,528.19 in September 2024.
Local rice prices increased by 137.32% year-on-year, reaching ₦1,944.64 per kilogram in October 2024, up from ₦819.42 in October 2023. This marked a 1.56% rise from ₦1,194.77 recorded the previous month.
Boneless beef also recorded a 98.73% year-on-year increase, with the average price jumping from ₦2,948.03 in October 2023 to ₦5,858.58 in October 2024.
Month-on-month, it rose by 3.99% from ₦5,633.60 in September 2024.
The report also provided a state-by-state breakdown of food prices. Bauchi recorded the highest price for 1 kg of brown beans at ₦3,750.00, while Yobe had the lowest at ₦1,749.52.
For 12 agric eggs, Niger State recorded the highest price at ₦3,450.00, while Adamawa had the lowest at ₦2,050.00.
Rivers State reported the highest price for sliced bread at ₦1,867.14, with Yobe recording the lowest at ₦960.07.
For local rice, Kogi recorded the highest price at ₦2,693.41 per kilogram, while Benue had the lowest at ₦1,267.25.
Regional analysis showed the South-South recorded the highest average price of brown beans at ₦3,274.39, while the North-East had the lowest at ₦2,294.29.
For eggs, the North-Central led at ₦2,915.58, while the South-West had the lowest price at ₦2,472.94.
These rising prices persist despite government measures to stabilise food costs, including a 150-day duty-free import window for essential commodities like maize, wheat, and brown rice, announced in July.
Experts have called for sustainable solutions, such as improving security, addressing transportation costs, and stabilising foreign exchange rates, to curb the soaring prices and ensure food security.