Food prices rise in February 2024, says NBS

The National Bureau of Statistics, NBS, has said that prices of beef, rice, beans, onion, white garri, yam, bread, and other food items increased in February 2024.

It said this in its Selected Food Prices Watch report for February 2024 released in Abuja on Saturday.

The report said that the average price of 1kg of boneless beef increased by 49.41 per cent from N2,445.96 recorded in February 2023 to N3,654.56 in February 2024.

“On a month-on-month basis, 1kg of boneless beef increased by 10.22 per cent in February from the N3,315.78 recorded in January 2024,’’ the report said.

It said that the average price of 1kg of local rice increased by 134.81 per cent on a year-on-year basis from N520.84 recorded in February 2023 to N1,222.97 in February 2024.

“On a month-on-month basis, 1kg of local rice increased by 19.69 per cent from the N1,021.79 recorded in January 2024.”

It said that the average price of 1kg of brown beans increased by 98.25 per cent on a year-on-year basis from N594.15 in February 2023 to N1,177.93 in February 2024.

“On a month-on-month basis, the price increased by 20.62 per cent from the N976.58 recorded in January 2024.”

The NBS said the average price of 1kg of onion bulb rose by 103.44 per cent on a year-on-year basis from N450.07 in February 2023 to 915.61 in February 2024.

“On a month-on-month basis, the price increased by 3.91 per cent from N881.20 recorded in January 2024.’’

The report said that the average price of 1kg of white garri increased by 109.16 per cent on a year-on-year basis from N345.88 in February 2023 to N723.45 in February 2024.

“On a month-on-month basis, 1kg of white garri increased by 20.44 per cent from N600.69 recorded in January 2024 to N723.45 in February 2024. ”

In addition, the average price of 1kg of yam tuber rose by 131.33 per cent on a year-on-year basis from the N436.41 recorded in February 2023 to N1009.56 in February 2024.

“On a month-on-month basis, it increased by 11.93 per cent from N901.94 recorded in January 2024 to N1009.56 in February 2024.”

The report said the average price of 500g sliced bread increased by 89.48 per cent on a year-on- year basis from the N553.03 recorded in February 2023 to N1,047.86 in February 2024.

“On a month on month basis, 500g sliced bread increased by 15.91 per cent from the N904.02 recorded in January 2024.”

On state profile analysis, the report showed that in February 2024, the highest average price of 1kg of boneless beef was recorded in Abia at N4,595.69, while the lowest was recorded in Kogi at N2,680.03.