The average price of 1kg of local rice sold loose jumped by a whopping 98 per cent in one year, according to data obtained from the Nigerian Bureau of Statistics (NBS).
The report ‘Selected Food Prices Watch (January 2024)’, said the rise indicated a rise of 98 per cents in price on a year-on-year basis from N515 recorded in January 2023 and an 11 per cent rise in price on a month-on-month basis from N918 in December 2023.
In the same vein, the average price of 1kg of Beef boneless increased by 37 per cent on a year-on-year basis from N2,419 in January of last year (2023) to N3,316 in January 2024.
On a month-on-month basis, the average price of this item increased by 5.4 per cent from N3,147 in December 2023.
The average price of 1kg of Beans brown (sold loose) rose by 64 per cent on a year-on-year basis from N594 in January 2023 to N976 in January 2024.
On a month-on-month basis, it increased by 12 per cent from N871 in December 2023.
Similarly, the average price of 1kg onion bulb rose by 97 per cent on a year-on-year basis from N446 in January 2023 to N881 in January 2024, while there was a decline of 9.3 per cent on a month-on-month basis.
In addition, the average price of 1kg of Tomato rose by 81 per cent on a year-on-year basis from N467 in January 2023 to N845 in January 2024. On a month-on-month basis, it increased by 3.8 per cent from N814 in December 2023 to N845 in January 2024.
The state profile analysis in January 2024 revealed that the highest average price of 1kg of Rice locally sold loose was recorded in Abuja state at N1,350, while the lowest was recorded in Benue state at N801.
The highest average price of 1kg of Beef boneless, was recorded in Abuja at N4,000, while the lowest was recorded in Gombe State at N2,639.
In terms of the average price of 1kg of Beans brown (sold loose), Akwa-Ibom state recorded the highest price at N 1,467, while Adamawa recorded the lowest price at N677.
Rivers state recorded the highest average price of 1kg of Onion bulb at N 1,454, while the lowest was reported in Zamfara at N436.
The highest average price of 1kg of Tomato was recorded in Delta at N1,475, while the lowest average price was recorded in Kano at N423.
