The price of a 50 kg bag of local rice surged year-on-year (YoY) by 152.9%, reaching N95,738 in September 2024, compared to N37,853 in September 2023. This data was revealed in the National Bureau of Statistics (NBS) ‘Selected Food Price Watch’ for September 2024. Additionally, the price of 1 kilogram (kg) of local rice during this period was N1,914.77.
The report highlighted that beans recorded an even higher YoY growth rate, exceeding 200%. Specifically, the average price of 1kg of brown beans increased by 281.97%, rising from N716.97 in September 2023 to N2,738.59 in September 2024. Month-on-month, the price saw a 6.37% rise from N2,574.63 in August 2024.
For other food items, the NBS stated that the price of beef boneless increased by 99.99% YoY, from N2,816.91 in September 2023 to N5,633.60 in September 2024. It also experienced a 1.44% month-on-month increase from N5,553.80 in August 2024.
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The price of medium-sized agric eggs (12 pieces) soared by 137.43% YoY, from N1,047.47 in September 2023 to N2,487.04 in September 2024, with an 8.64% increase from August’s price of N2,289.19. Bread (sliced) also saw a significant YoY increase of 115.74%, from N708.36 in September 2023 to N1,528.19 in September 2024, and a 4.68% month-on-month rise from N1,459.85 in August 2024.
The state-by-state analysis showed that the highest price for 1kg of brown beans was recorded in Bauchi at N3,450.04, while the lowest was in Adamawa at N1,800. For agric eggs (medium size, 12 pieces), Niger State recorded the highest price at N3,000.84, while Borno had the lowest at N2,075.58. Rivers State recorded the highest price for sliced bread at N1,852.50, while Yobe had the lowest at N982.79.
Regarding local rice, Kogi State had the highest price for 1kg at N2,688.04, while the lowest price was in Benue at N1,229.14.
