September Records a 26.76% Surge in Food Prices, Reports NBS

In its recently released report on selected food prices for September 2023, the National Bureau of Statistics (NBS) revealed a rise in the costs of various food items including beef, rice, beans, onion, and yam. The report, unveiled in Abuja on Monday, offers a comprehensive overview of the fluctuating food market.

The NBS detailed that the average price of 1kg of boneless beef escalated by 28.08 percent from N2,199.37 in September 2022 to N2,816.91 in September 2023. On a month-to-month basis, the increase was 0.62 percent.

Local rice also experienced a significant increase, with the average price for 1kg surging by 60.59 percent year-on-year, from N471.42 in September 2022 to N757.06 in September 2023. On a monthly basis, the rise was 2.48 percent.

Brown beans followed suit, seeing a 28.76 percent year-on-year increase, rising from N556.81 in September 2022 to N716.97 in September 2023. Month-to-month, the price increased by 3.47 percent.

The price of 1kg of Onion bulb rose by 29.81 percent year-on-year, from N397.18 in September 2022 to N515.59 in September 2023. On a month-on-month basis, the rise was 0.45 percent.

Yam tuber also saw a notable increase, with a 45.11 percent year-on-year rise, from N409.23 in September 2022 to N593.83 in September 2023. On a monthly basis, the increase was 3.03 percent.

State-wise, Anambra recorded the highest average price for 1kg of boneless beef at N3,800.42, while Kogi recorded the lowest at N1,845.29. Rivers had the highest average price for 1kg of local rice at N931.82, and Benue had the lowest at N539.35.

In analyzing by zones, the South-East showed the highest average price for 1kg of boneless beef at N3,550.75, followed by the South-West at N2,875.47. The North-Central had the lowest average price at N2,461.20.

The NBS report serves as an essential resource for understanding the dynamics of food prices in the country, providing valuable insights into economic trends.