Price Surge: Local rice now ₦95,738 – See prices of beans, eggs, and meat

According to the latest data from the National Bureau of Statistics (NBS), the price of local rice and beans has risen sharply over the past year.

The ‘Selected Food Price Watch’ for September 2024 shows that the cost of a 50 kg bag of local rice surged by 152.9% year-on-year, climbing to ₦95,738 in September 2024 from ₦37,853 in September 2023.

Additionally, the price of 1 kilogram of local rice increased to ₦1,914.77.

The NBS report stated, “The average price of 1kg Local rice sold loose went up by 152.92 percent on a year-on-year basis from ₦757.06 in September 2023 to ₦1,914.77 in September 2024, while there was an increase of 4.57 percent on a month-on-month basis.

“Also, the average price of 1kg of beef boneless increased by 99.99 percent on a year-on-year basis from ₦2,816.91 in September 2023 to ₦5,633.60 in September 2024.

“On a month-on-month basis, it increased by 1.44 percent from ₦5,553.80 in August 2024. The average price of 1kg beans brown (sold loose) stood at ₦2,738.59. This indicates a rise of 281.97% in price on a year-on-year basis from ₦716.97 recorded in September 2023 and a 6.37 percent rise in price on a month-on-month basis from ₦2,574.63 in August 2024.

“Agric eggs medium size (12 piece) experienced significant price increases year on year by ₦137.43 percent from ₦1,047.47 in September of last year (2023) to ₦2,487.04 in September 2024.

“On a month-on-month basis, the average price of this item rose by 8.64 prices from  ₦2,289.19 in August 2024. There was also a notable price increase of bread (sliced) by 115.74 percent on a year-on-year basis from ₦708.36 in September 2023 to ₦1,528.19 in September 2024.

“On a month-on-month basis, it increased by 4.68 percent from ₦1,459.85 in August 2024. The state profile analysis in September 2024 revealed that the highest average price of 1kg of Bean Brown (sold loose) was recorded in Bauchi at ₦3,450.04 while the lowest was in Adamawa state at ₦1,800.”

Giving the breakdown of prices across the states, NBS added: “The highest average price of Agric eggs medium size (12 piece) was recorded in Niger State at ₦3,000.84 while the lowest was in Borno State at ₦2,075.58.

“Regarding the average price of bread(sliced), Rivers state recorded the highest price at ₦1,852.5, while Yobe recorded the lowest price at ₦982.79.

“Kogi recorded the highest average price of 1kg local Rice (sold loose) at ₦2,688.04, while the lowest was reported in Benue at ₦1,229.14.”