Prices of local rice, beans, bread, eggs soared in October

The National Bureau of Statistics (NBS) reported yesterday that the prices of beans, eggs, bread, rice, and other food items saw significant increases in October 2024.

This news came from the NBS’s Selected Food Prices Watch report for October 2024, which was released in Abuja.

The report said that the average price of 1kg of brown beans increased by 254.23 percent from N790.01 recorded in October 2023 to N2,798.50 in October 2024.

“On a month-on-month basis, 1kg of brown beans increased by 2.19 percent in October from the N2,738.59 recorded in September 2024.”

Furthermore, the report noted that the cost of medium-sized Agric eggs (12 pieces) saw a remarkable increase of 140.21 percent year-on-year, moving from N1,112.22 in October 2023 to a steep N2,671.60 in October 2024.

“On a month-on-month basis, the eggs increased by 7.42 per cent from the N2, 487.04 recorded in September 2024.”

The report said that the average price of sliced bread increased by 103.76 percent on a year-on-year basis from N760.82 in October 2023 to N1,550.24 in October 2024.

“On a month-on-month basis, the price increased by 1.44 percent from the N1,528.19 recorded in September 2024.”

The report also revealed that the cost of 1kg of local rice spiked by 137.32 percent year-on-year, moving from N819.42 in October 2023 to a staggering N1,944.64 in October 2024.

“On a month-on-month basis, it increased by 1.56 per cent from N1,194.77 recorded in September 2024.”

Also, the report said that the average price of 1kg of boneless beef increased by 98.73 percent on a year-on-year basis from N2,948.03 in October 2023 to N5,858.58 in October 2024.

“On a month-on-month basis, the price increased by 3.99 percent from the N5,633.60 recorded in September 2024.”

The report also provided state-by-state analysis, showing that in October 2024, the highest average price for 1kg of brown beans was recorded in Bauchi at N3,750.00, while the lowest was observed in Yobe at N1,749.52.

Similarly, Niger recorded the highest average price for medium-sized Agric eggs (12 pieces) at N3,450.00, while the lowest was found in Adamawa at N2,050.00.

The report further highlighted that Rivers had the highest average price for sliced bread at N1,867.14, while Yobe recorded the lowest at N960.07.

According to the report, Kogi recorded the highest average price for 1kg local rice (sold loose) at N2,693.41, while the lowest was reported in Benue at N1,267.25.

Analysis by region revealed that the average price per kilogram of brown beans was highest in the South-South at N3,274.39, followed closely by the North-Central at N2,990.02.

“The lowest price was recorded in the North-East at N2,294.29.”

The North-Central and South-East recorded the highest average price of medium size agric eggs(12 pieces) at N2,915.58 and N2,879.24, respectively, while the lowest price was in the South-West at N2,472.94.

The report said that the South-South recorded the highest average price of sliced bread at N1,829.25, followed by the South-East at N1,665.56, while the North-East recorded the lowest price at N1,360.85.

The National Bureau of Statistics (NBS) also noted that the South-East and South-West regions had the highest average prices for 1kg of local rice (sold loose), at N2,146.08 and N2,011.05, respectively.

“The North-West recorded the lowest price of 1kg of local rice (sold loose) at N1,763.62.”

In July, the Federal Government in a bid to address the incessant increase in food prices and ensure food security granted a 150-day duty-free import window for food commodities.

This initiative includes the suspension of duty tariffs and taxes on the importation of certain food items across both land and sea borders, such as maize, cowpeas, wheat, and husked brown rice.

However, experts have called for more sustainable solutions, including addressing issues of insecurity, foreign exchange, and transportation costs, to effectively combat rising food prices and ensure food security.