Have you noticed the rising prices in Nigerian markets lately? It’s a topic that’s been on everyone’s lips. The National Bureau of Statistics has just released its latest report, and its shedding light on the situation. In March 2024, essential food items saw significant price hikes compared to the previous year and month, making it harder for many Nigerians to make ends meet.
From rice to beef and beans to yam, prices have soared, leaving consumers feeling the pinch. This latest report breaks down the numbers, showing just how much prices have gone up. It’s not just a one-time increase either; prices have been steadily climbing, making it tough for consumers to afford the basics.
According to the report released.
Rice
The average price of 1kg of locally sold loose rice surged to N1,340.74 in March 2024, marking a sharp increase of 152.93% compared to March 2023’s price of N530.08. Moreover, there was a notable month-on-month rise of 9.63% from February 2024’s N1,222.97.
Beef (Boneless)
The average price of boneless beef per kilogram saw a substantial year-on-year surge of 73.78%, soaring from N2,479.61 in March 2023 to N4,309.16 in March 2024. Additionally, there was a significant 17.91% increase from February 2024’s price of N3,654.56.
Beans (Brown)
The average price of 1kg of brown beans, sold loose, rose by 106.78% year-on-year, reaching N1,234.40 in March 2024 from N596.96 in March 2023. On a month-on-month basis, the price increased by 4.79% from N1,177.93 in February 2024.
Garri (White)
White garri witnessed a notable surge in price, with a year-on-year increase of 112.34% from N353.16 in March 2023 to N749.89 in March 2024. Furthermore, there was a month-on-month rise of 3.66% in March 2024.
Yam (Tuber)
The average price of 1kg of yam tuber experienced a substantial year-on-year increase of 141.25%, rising from N443.02 in March 2023 to N1,068.78 in March 2024. Additionally, there was a month-on-month increase of 5.87% from N1,009.56 in February 2024 to N1,068 in March 2024.
According to State Profile Analysis
- Rice: Niger State reported the highest average price of 1kg of locally sold loose rice at N1,699.98, whereas Benue State recorded the lowest at N985.83.
- Beef (Boneless): Kwara State had the highest average price at N5,500.00 per kilogram, while Benue State reported the lowest at N3,400.22.
- Beans (Brown): Ondo State recorded the highest price at N1,596.68 per kilogram, with Sokoto reporting the least at N745.5.
- Garri (White): Ogun State had the highest average price at N1,021.13, while Benue State reported the lowest at N490.55.
- Yam (Tuber): Edo State reported the highest average price at N1,695.13, with Katsina State recording the lowest at N723.39 per kilogram.
Among the states mentioned, Benue State consistently reported the lowest average prices for multiple food items:
- Rice: Benue State recorded the lowest average price of 1kg of locally sold loose rice at N985.83.
- Beef (Boneless): Benue State reported the lowest average price at N3,400.22 per kilogram.
- Garri (White): Benue State had the lowest average price at N490.55.
- Yam (Tuber): Benue State also reported the lowest average price at N723.39 per kilogram.
So, Benue State stands out as consistently having the lowest average prices across these food items.
While among the states mentioned, the ones with the highest average prices for various food items are as follows:
- Rice: Niger State reported the highest average price of 1kg of locally sold loose rice at N1,699.98.
- Beef (Boneless): Kwara State had the highest average price at N5,500.00 per kilogram.
- Beans (Brown): Ondo State recorded the highest price at N1,596.68 per kilogram.
- Garri (White): Ogun State had the highest average price at N1,021.13.
- Yam (Tuber): Edo State reported the highest average price at N1,695.13 per kilogram.
These states stand out for having the highest average prices across these respective food items. So, next time you’re at the market and notice those higher price tags, you’ll know why.
These price hikes not only impact consumers’ wallets but also have far-reaching consequences on various aspects of society.