The National Bureau of Statistics (NBS) has reported significant increases in the prices of various food items in Nigeria, according to its food price watch for October.
1. Tomato: The average price of 1kg of tomato increased by 19.48% on a month-on-month basis. It rose from N565.69 to N675.91. On a year-on-year basis, the price increased by 48.73%, from N454.46 in October 2022 to N675.91 in October 2023. Bayelsa had the highest price at N1,344.13 per kg, while Kwara had the lowest at N341.95.
2. Rice: The year-on-year average price of 1kg of locally sold loose rice increased by 68.10%, rising from N487.47 in October 2022 to N819.42 in October 2023. On a month-on-month basis, there was an 8.24% increase.
3. Boneless Beef: The average price of boneless beef per 1kg reached N2,948.03 in October 2023, representing a 30.08% year-on-year increase compared to October 2022. On a month-on-month basis, there was a 4.65% increase.
4. Gari: In the case of loose white Gari, the year-on-year average price surged by 63.68%, increasing from N317.90 in October 2022 to N520.35 in October 2023. On a month-on-month basis, the average price rose by 11.21%, up from N467.89 in September 2023.
State Analysis:
– Edo State had the highest average price for 1kg of locally sold loose rice at N1,044.17, while Zamfara had the lowest at N660.79.
– Imo State had the highest price for 1kg of brown beans sold loose at N1,095.84, with Taraba reporting the lowest at N550.59.
– Anambra had the highest average price for boneless beef at N3,831.48, while Kogi had the lowest at N2,362.50.
– Delta State recorded the highest average price for 1kg of loose white Gari at N759.29, with Kogi State reporting the lowest at N390.81.
The report indicates a consistent rise in food prices in Nigeria, contributing to the overall inflation rate. Food inflation stood at 31.5%, with a month-on-month increase of 1.91% in October, lower than the 2.45% recorded in the previous month.