In a recent report released by the National Bureau of Statistics (NBS) in Abuja on Tuesday, it has been revealed that various essential food items experienced a notable surge in prices during January 2024.
The report highlighted significant increases in the prices of beef, rice, beans, onions, tomatoes, and other food commodities compared to the same period last year.
According to the NBS’s Selected Food Prices Watch report for January 2024, the average price of boneless beef skyrocketed by 37.08 percent, reaching N3,315.78 per kilogram, compared to N2,418.91 recorded in January 2023.
On a month-on-month basis, the price of boneless beef increased by 5.37 percent in January from the previous month’s figure of N3,146.94 recorded in December 2023.
Similarly, the average price of local rice surged by 98.47 percent year-on-year, rising from N514.83 in January 2023 to N1,021.79 in January 2024. On a monthly basis, local rice witnessed an 11.31 percent increase from N917.93 in December 2023.
Brown beans also saw a significant hike, with prices jumping by 64.42 percent year-on-year, from N593.96 in January 2023 to N976.58 in January 2024. Month-on-month, the price increased by 12.16 percent.
Onion bulbs and tomatoes experienced similar trends, with prices soaring by 97.38 percent and 80.98 percent year-on-year, respectively. However, while onion prices decreased by 9.33 percent on a monthly basis, tomato prices saw a slight 3.82 percent increase.
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The report also provided insights into regional price variations. For instance, Abuja recorded the highest average price for boneless beef and local rice, while Gombe and Benue had the lowest prices, respectively.
In terms of zones, the South-South consistently recorded the highest average prices across various food items, while the North-West generally reported lower prices compared to other regions.
With food prices on the rise, consumers across Nigeria are facing increasing financial strain, highlighting the need for measures to mitigate the impact of these inflationary pressures on households.
