The National Bureau of Statistics (NBS) has announced that food prices in Nigeria, including beans, rice, bread, and eggs, have continued to rise, according to its Selected Food Prices Watch for August 2024.
The report reveals that the price of one kilogram of beans increased by a staggering 271.55% year-on-year, rising to N2,574.63 in August 2024 from N692.95 in the same month last year. Additionally, there was a month-on-month increase of 5.31%, bringing the price to N2,444.81 in July 2024.
Local rice has also seen significant price hikes, with the average price for one kilogram rising by 148.41% year-on-year, from N737.11 in August 2023 to N1,831.05 in August 2024. On a monthly basis, the price increased by 3.65%.
The price of medium-sized eggs (12 pieces) surged by 121.92% year-on-year, climbing from N1,031.55 in August 2023 to N2,289.19 in August 2024. Month-on-month, the average price of eggs increased by 5.48% from N2,170.17 in July 2024.
Bread prices also saw a notable increase, with sliced bread costing 113.16% more year-on-year, moving from N684.85 in August 2023 to N1,459.85 in August 2024. On a month-to-month basis, the price rose by 2.28% from N1,427.25 in July 2024.
In contrast, while the prices of tomatoes and yams remained high compared to last year, they showed some decline on a month-to-month basis. The price of tomatoes per kilogram fell by 11.07%, dropping from N1,693.83 in July 2024 to N1,506.35.
Meanwhile, the average price of one kilogram of yam increased by 188.31% year-on-year, rising from N576.39 in August 2023 to N1,661.80 in August 2024. However, on a month-to-month basis, yam prices decreased by 7.82%, from N1,802.84 in July 2024.
These price increases coincide with the August inflation rates, which stood at 32.15% for headline inflation and 37.52% for food inflation in Nigeria.
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