Abuja, Sept. 25, 2024 (NAN) — The National Bureau of Statistics (NBS) has reported significant price increases for staple food items, including beans, eggs, bread, rice, yam, and tomatoes, in its Selected Food Prices Watch report for August 2024, released in Abuja on Wednesday.
Thank you for reading this post, don't forget to subscribe!The report reveals that the average price of 1 kg of brown beans soared by 271.55%, rising from N692.95 in August 2023 to N2,574.63 in August 2024. On a month-on-month basis, the price increased by 5.31% from N2,444.81 recorded in July 2024.
Similarly, the average price for medium-sized Agric eggs (12 pieces) jumped by 121.92% year-on-year, climbing from N1,031.55 in August 2023 to N2,289.19 in August 2024. Month-on-month, the price rose by 5.48% from N2,170.17 in July 2024.
Sliced bread also saw a dramatic rise, with prices increasing by 113.16% from N684.85 in August 2023 to N1,459.85 in August 2024, marking a month-on-month increase of 2.28% from N1,427.25 in July 2024. Additionally, the average price of 1 kg of local rice rose by 148.41%, from N737.11 in August 2023 to N1,831.05 in August 2024, with a month-on-month increase of 3.65% from N1,766.64 in July 2024.
Yam prices also saw a significant increase, up by 188.31% year-on-year from N576.39 in August 2023 to N1,661.80 in August 2024. However, on a month-on-month basis, the price decreased by 7.82% from N1,802.84 in July 2024. The average price of tomatoes increased by 171.72% year-on-year, rising from N554.37 in August 2023 to N1,506.35 in August 2024, although it declined by 11.07% from N1,693.83 in July 2024.
The NBS report also provided state-specific insights. In August 2024, the highest average price for 1 kg of brown beans was in Akwa Ibom at N3,276.79, while the lowest was recorded in Adamawa at N1,710.92. Niger had the highest average price for medium-sized Agric eggs at N2,996.92, whereas Jigawa recorded the lowest at N1,786.01. For sliced bread, Rivers reported the highest average price at N1,850, with Yobe having the lowest at N908.81.
In terms of local rice, Kogi had the highest average price at N2,680.29, while Benue reported the lowest at N1,206.84. The highest price for 1 kg of tomatoes was recorded in Abuja at N2,206.31, with the lowest in Kaduna at N734.94.
Regional analysis showed that the average price of 1 kg of brown beans was highest in the South-South at N3,165.11, while the North-West recorded the lowest at N1,982.78. The North-Central and South-East regions recorded the highest average prices for medium-sized Agric eggs at N2,789.15 and N2,438.06, respectively.
In light of these price surges, the Federal Government granted a 150-day duty-free import window for certain food commodities in July, aiming to address the rising food prices and ensure food security. This suspension of duty tariffs and taxes applies to the importation of specific food items, including maize, cowpeas, wheat, and husked brown rice.
Experts, however, suggest that more sustainable solutions, such as tackling insecurity, foreign exchange issues, and transportation costs, are necessary to effectively manage soaring food prices and ensure long-term food security in Nigeria.
