Despite significant reductions in the prices of some food commodities, the cost of rice, beans, eggs, and bread has continued to rise, according to the Nigerian Bureau of Statistics (NBS).
In its latest report titled “Selected Food Price Watch for August 2024,” the NBS revealed that these essential food items saw price increases ranging between 2.5 per cent and 5.5 per cent in the month of August. Beans recorded a 5.31 per cent rise, with the average price of 1kg brown beans standing at ₦2,574.63, up from ₦2,444.81 in July. Similarly, the price of a dozen medium-sized agricultural eggs increased by 5.48 per cent to ₦2,289.19, compared to ₦2,170.17 in the previous month.
The report also showed that sliced bread prices climbed by 2.28 per cent, reaching ₦1,459.85 from ₦1,427.25 in July. Local rice, sold loose, experienced a 3.65 per cent hike, with its price increasing from ₦1,766.64 in July to ₦1,831.05 in August.
On a year-on-year basis, the prices of these staples have surged by over 100 per cent, highlighting the growing burden on consumers.
The NBS report also provided a state-by-state breakdown of food prices. Akwa Ibom recorded the highest price for 1kg of brown beans at ₦3,276.79, while Adamawa had the lowest at ₦1,710.92. For a dozen eggs, Niger State topped the list with prices at ₦2,996.92, while Jigawa recorded the lowest at ₦1,786.01. Rivers State saw the highest price for sliced bread at ₦1,850, whereas Yobe offered the lowest at ₦908.81. Local rice was most expensive in Kogi at ₦2,680.29, while Benue had the cheapest at ₦1,206.84.
While these essential commodities experienced price increases, the NBS noted that some food items saw price reductions. Tomatoes, for example, declined by 11.07 per cent month-on-month, with 1kg costing ₦1,506.35 in August, down from ₦1,693.83 in July. The price of yams also dropped by 7.8 per cent, with 1kg of yam tubers now selling for ₦1,661.80, compared to ₦1,802.84 the previous month.
The report underscores the uneven dynamics in food prices, with some relief in specific areas but persistent pressure on household staples like rice, beans, eggs, and bread.
