The price of rice, a major staple food for Nigerians increased by 134.81 percent over the last one year. This is contained in the
Selected Food Prices Watch for February 2024 released by the National Bureau of Statistics ( NBS) yesterday.
The report shows that the average price of 1kg Rice local sold loose stood at N1,222.97, an of 134.81 percent in price on a year-on-year basis from N520.84 recorded in February 2023 and a 19.69 percent rise in price on a month-on-month basis from N1,021.79 in January 2024.
According to the report, there were general increases in the prices of Beans, Garri, Yam and beef.
For instance, the average price of 1kg of Beans brown (sold loose) rose by 98.25 percent on a year-on-year basis from N594.15 in February 2023 to N1,177.93 in February 2024. On a month-on-month basis, it increased by 20.62 percent from N976.58 in January 2024. Similarly, the average price of 1kg of Garri white, sold loose rose by 109.16 percent on a year-on-year basis from N345.88 in February 2023 to N723.45 in February 2024, while there was an increase of 20.44 percent on a month-on-month basis. In addition, the average price of 1kg of Yam tuber rose by 131.33 percent on a year-on-year basis from N436.41 in February 2023 to N1009.56 in February 2024. On a month-on-month basis, it increased by 11.93 percent from N901.94 in January 2024 to N1009.56 in February 2024.
The report also shows that the average price of 1kg of Beef boneless increased by 49.41 percent on a year-on-year basis from N2,445.96 in February 2023 to N3,654.56 in February 2024. On a month-on-month basis, the report says the average price of the item increased by 10.22 percent from N3,315.78 in January 2024.
Nigeria is currently battling high inflation which is reflected in the substantial surge in the price of staple foods nationwide. In February 2024, the inflation rate soared to 31.70 percent, while food inflation rose to 37.92 percent. Despite concerted efforts to curb this hyperinflationary trajectory, the results have been minimal.