Food Prices Soar in October 2024, Says National Bureau of Statistics
A recent report released by the National Bureau of Statistics (NBS) reveals a significant increase in food prices across various item categories, including beans, eggs, bread, and rice.
The Selected Food Prices Watch report for October 2024, released in Abuja, highlights the extreme price hike for essential groceries. One kilogram of brown beans, for example, rose by a substantial 254.23%, from ₦790.01 in October 2023 to ₦2,798.50 this year. Compared to last month, the price escalated by 2.19% from ₦2,738.59 in September 2024.
A similar phenomenon was observed for medium-sized Agric eggs, where the average price surged 140.21% between October 2023 (₦1,112.22) and 2024 (₦2,671.60). Month-on-month, the price increased by 7.42% in September 2024 compared to August 2024.
Rice and bread prices have also risen sharply. 1 kilogram of locally produced rice increased by a staggering 137.32%, from ₦819.42 in October 2023 to ₦1,944.64 in October 2024. This represents a rise of 1.56% from the ₦1,194.77 recorded in September 2024. Sliced bread, on the other hand, rose by 103.76%, from ₦760.82 to ₦1,550.24, with an additional 1.44% increase from September to October 2024 (₦1,528.19 to ₦1,550.24).
Prior to the report release, experts had predicted sustained food price inflation due to systemic issues such as the ongoing conflict, foreign currency fluctuations, and transportation logistics. While the government response has been to introduce an import duty-free window, experts maintain that addressing systemic issues will provide more tangible solutions for long-term food security.
Regional Breakdown
The report further highlights regional disparity in food prices. With respect to brown beans, Bauchi recorded the highest average price at ₦3,750.00, while Yobe maintained the lowest at ₦1,749.52. Niger had the most expensive eggs at ₦3,450.00, while Adamawa exhibited the lowest price at ₦2,050.00. Rivers recorded the highest sliced bread price in the country at ₦1,867.14, and Yobe trailed with the lowest at ₦960.07.
For a more detailed outlook, we can see significant variations in prices across distinct regions. The South-South zone had the most expensive brown beans at ₦3,274.39, while the North-East maintained the lowest, at ₦2,294.29. Regions such as the North-West and North-Central exhibit a different trend, wherein they experienced the highest overall prices for eggs and loose rice, respectively. With the prices of essential meals increasing in various regions.
