NBS reports surge in food prices in September

In its latest report released on Monday in Abuja, the National Bureau of Statistics revealed a significant surge in food prices, including essential items such as beef, rice, beans, onions, and yams, during September 2023.

According to the report, the average price of 1kg of boneless beef witnessed 28.08% increase from September 2022, reaching N2,816.91 compared to the previous N2,199.37.

On a monthly basis, the price rose by 0.62%, marking an increase from August 2023’s N2,799.51.

Local rice also experienced a sharp uptick, with a year-on-year increase of 60.59%, soaring from N471.42 in September 2022 to N757.06 in September 2023. Brown beans followed suit, rising by 28.76% from N556.81 to N716.97 over the same period.

The price of onions surged by 29.81% from N397.18 to N515.59, and yam prices increased by 45.11% from N409.23 to N593.83.

The report further delved into regional variations. Anambra recorded the highest average price for 1kg of boneless beef at N3,800.42, while Kogi had the lowest at N1,845.29. Rivers led in the price of local rice at N931.82, with Benue having the lowest at N539.35.

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Imo topped the list for brown beans at N1,090.23, and Kogi had the lowest at N485.64. Abia recorded the highest average price for onions at N862.35, while Nasarawa had the lowest at N295.73. Akwa Ibom registered the highest price for yams at N1,088.57, with Plateau having the lowest at N320.34.

Analyzing the data by region, the South-East had the highest average price for boneless beef at N3,550.75, followed by the South-West at N2,875.47.

The North-Central region had the lowest price at N2,461.20. For local rice, the South-East and South-South regions led at N901.26 and N824.55, respectively, while the North-Central had the lowest at N621.93. In terms of brown beans, the South-East had the highest average price at N995.76, followed by the South-West at N771.37, with the North-Central having the lowest at N587.99.

The South-East and South-South also topped the list for onion bulb prices at N723.63 and N697.34, respectively, while the North-Central had the lowest at N340.75.

Yam tuber prices were highest in the South-West at N791.69, followed by the South-South at N748.56, and the lowest price was in the North-East at N366.79, according to the report.