The latest food price survey by the National Bureau of Statistics, NBS, reveals a significant surge of 98.47% in rice prices from January 2023 to January 2024.
Notably, residents in Abuja, Nigeria’s Capital, experienced the highest spike, with the cost of loose rice reaching approximately N1,350 per 1kg.
The report stated, “the average price of 1kg Rice local sold loose stood at N1,021.79. This indicates a rise of 98.47% in price on a year-on-year basis from N514.83 recorded in January 2023 and 11.31% rise in price on a month-on-month basis from N917.93 in December 2023.
“The highest average price of 1kg of Rice local sold loose was recorded in Abuja state at N1,350 while the lowest was recorded in Benue state at N800.64.”
Rice is one of the staple foods globally, ranking third after wheat and maize in terms of production and consumption. It contributes over 20% of the total calorie intake of the human population.
In sub-Saharan Africa rice ranks fourth in production after sorghum, maize and millet. Nigeria is the continent’s leading rice producer and produces over 46% of west Africa’s harvest.
The country is also a big consumer. Nigeria is one of the world’s largest markets for parboiled rice, consuming on average US$4 billion worth of it each year.
Beef and Beans
In the span of a year, the cost of 1kg of boneless beef recorded a 37.08% surge, escalating from N2,418.91 in January 2023 to N3,315.78 in January 2024, marking a 5.37% increase from December 2023’s N3,146.94.
Similarly, the price of 1kg of loose brown beans witnessed a substantial year-on-year spike of 64.42%, climbing from N593.96 in January 2023 to N976.58 in January 2024. Additionally, there was a 12.16% monthly increase from December 2023’s N870.67.
In Abuja, the highest average price for 1kg of boneless beef reached N4,000, while Gombe State reported the lowest at N2,639. For 1kg of loose brown beans, Akwa-Ibom State recorded the highest average price at N1,466.67, with the lowest observed in Adamawa at N677.23.
Onion and Tomato
The annual surge in the average cost of 1kg onion bulb reached 97.38%, climbing from N446.44 in January 2023 to N881.20 in January 2024, coupled with a monthly decrease of 9.33%.
Similarly, the average price of 1kg of tomato experienced an 80.98% annual increase, rising from N467.04 in January 2023 to N845.26 in January 2024, with a monthly growth of 3.82% from N814.16 in December 2023.
Rivers state recorded the highest average cost for 1kg of onion bulb at N1,454.09, while Zamfara reported the lowest at N435.71. Regarding 1kg of tomato, Delta registered the highest average price at N1,474.79, with Kano observing the lowest at N422.70.
Yam
The year-on-year increase in the average price of one tuber of yam reached 109.09%, surging from N431.36 to N901.94. Furthermore, between December 2023 and January 2024, the price of yam saw a 10.14% increase, rising from N818.92 to its current figure.
Palm oil
In January 2024, the average price of one bottle of palm oil reached N1,456.72, marking a 39.53% increase from its January 2023 price of N1,044.04.
