…As Rice Sells At 152.93% Higher Y-o-Y
The average price of 1kg Rice local sold loose stood at N1,340.74 in March this year, representing 152.93% rise in price compared to the N530.08 it sold at March 2023 and 9.63% rise from N1,222.97 in February 2024, the National Bureau of Statistics (NBS) has reported.
The Bureau in its ‘Selected Food Prices Watch (March 2024)’ report published on Friday, disclosed that in the month under review, the average price of 1kg of Beef boneless increased by 73.78% on a year-on-year basis from N2,479.61 it sold at in the corresponding month of last year (2023) to N4,309.16 in March 2024.
The Bureau stated, however, that on a month-on-month basis, the average price of Beef boneless increased by 17.91% from N3,654.56 in February 2024.
Also, it reported that the average price of 1kg of Beans brown (sold loose) rose by 106.78% on a year-on-year basis from N596.96 in March 2023 to N1234.40 in March this year while on a month-on-month basis, it marginally increased by 4.79% from N1,177.93 in March 2024.
The statistics agency further stated that the average price of 1kg of Garri white, sold loose, rose by 112.34% on a year-on-year basis from N353.16 in March last year to N749.89 in March 2024, while there was an increase of 3.66% on the price of the commodity on a month-on-month basis.
In addition, the report showed that the average price of 1kg of Yam tuber surged by 141.25% on a year-on-year basis from N443.02 in March 2023 to N1,068.78 in March this year but that on a month-on-month basis, the price increased by 5.87% from N1,009.56 in February to N1,068 in March 2024.
An analysis of the report on state-by-state basis in the month under review reflected that Niger consumers paid the highest average price of 1kg of Rice local sold loose at N1,699.98 compared to Benue buyers, who paid the lowest price at N985.83.
The statistics agency also disclosed in the report that Kwara consumers paid the highest average price of 1kg of Beef boneless at N5,500.00 while the lowest price was recorded in Benue State at N3,400.22.
It clarified: “In terms of the average price of 1kg of Beans brown (sold loose), Ondo state recorded the highest price at N1,596.68, while Sokoto recorded the least price at N745.5. Ogun state recorded the highest average price of 1kg of Garri white at N1021.13, while the lowest was reported in Benue at N490.55.
“The highest average price of 1kg of Yam tuber was recorded in Edo at N 1,695.13, while the least average price was recorded in Katsina at N723.39”, the agency added.
