…As Prices Of Other Food Items Rise
The National Bureau of Statistics (NBS) at the weekend reported that consumers pay over 110% higher for beans and local rice sold loose in December 2024 even as other food items prices also rose year-on-year during the month.
The Bureau, in its ‘Selected Food Price Watch for December 2024’ published on Friday, January 24, reported that that the average price of 1kg beans brown (sold loose) in the month stood at N2,501.32, representing a rise of 187.29% in price on a year-on-year basis from N870.67 recorded in December 2023.
However, the report showed that the price of the 1kg of the food item dropped –8.07% on a month-on-month basis from N2,720.96 in November 2024.
Similarly, the statistics agency reported that average price of 1kg local rice sold loose surged by 111.82% on a year-on-year basis from N917.93 in December 2023 to N1,944.40 in December 2024, while there was a decrease of -0.79% on a month-on-month basis.
According to the report, the price of Onion bulb 1kg also significantly year-on-year by N111.74% from N971.86 in December of last year (2023) to N2,057.81 in December 2024, adding that on a month-on-month basis, the average price of the food item rose by 9.57% from N1,878.00 in the previous month.
The Bureau further clarified that there was also a notable price increase of Palm oil 1litre by 81.18% on a year-on-year basis from N1,425.32 in December 2023 to N2,582.35 in December 2024 while on a month-on-month basis, the price of the commodity increased by 4.68% from N2,466.79 in November 2024.
Also, data in the report showed the average price of 1kg of beef boneless increased by 95.43% on a year-on-year basis from N3,146.94 in December 2023 to N6,150.18 in December 2024, and that on a month-on-month basis, it increased by 2.48% from N6,001.32 in the preceding month.
An analysis of the food prices trend on state-by-state basis reflected that that the highest average price of 1kg of Bean Brown (sold loose) was recorded in Bauchi at N3,500.32 while the lowest was in Yobe state at N1,755.63.
Also, the highest average price of Onion bulb 1kg was recorded in Ebonyi State at N3,286.92 while the lowest was in Borno State at N1,000.00.
Similarly, the Bureau reported that the average price of Palm oil 1litre, Adamawa state recorded the highest price at N3,350, while Niger recorded the lowest price at N1,172.81, adding that Kogi recorded the highest average price of 1kg local Rice (sold loose) at N2,738.22, while the lowest was reported in Benue at N 1,296.57
A further decomposition of the prices of the selected food items on zonal basis in December 2024 indicated that the average price of Bean Brown (sold loose) was highest in the South South region at N2,863.94, followed by the North Central at N2,806.74, while the North West recorded the lowest average price at N2,089.70.
Also, the report reflected that the average price of Onion bulb 1kg was highest in the southeast and the South South region at N3,035.62 and N2,504.95, respectively, while the lowest was recorded in the North East at N2,047.24.
The North West recorded the highest average price of Palm oil 1litre at N3,096.13 followed by the North east at N2,722.31 while the lowest was recorded in the North-central at N2,007.89.