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Food Prices Continue To Rise In November- NBS

The National Bureau of Statistics (NBS) reported a surge in prices for various food items in November. Specifically, the cost of 1kg of boneless beef rose by 29.61% from N2,337.46 in November 2022 to N3,029.50 in November 2023.

Additionally, the average price of 1kg of local rice increased by 73.16% year-on-year, from N500.80 to N867.18 during the same period.

Brown beans saw a 44.99% increase, rising from N578.55 to N838.85, while onion bulbs escalated by 60.62% from N425.71 to N683.78, and tomatoes surged by 66.69% from N455.13 to N758.65. Furthermore, month-on-month increases were observed across these items between October and November 2023.

On a month-to-month basis, the cost of 1kg of tomatoes surged by 12.24%, rising from N675.91 in October to N758.65 in November 2023.

Regarding state profiles in the analysis, the report highlighted Anambra with the highest average price for 1kg of boneless beef at N3,850.47, while Yobe recorded the lowest at N2,533.33. Lagos had the highest average price for 1kg of local rice at N1,122.42, with Kebbi having the lowest at N688.00.

Imo topped the average price of 1kg of brown beans at N1,109.75, while Jigawa had the lowest at N575. Anambra also had the highest average price for 1kg of onion bulbs at N872.23, and Gombe had the lowest at N506.41. Delta recorded the highest average price for 1kg of tomatoes at N1,505.16, while Kano had the lowest at N396.04.

Zone-wise analysis revealed the Southeast with the highest average price for 1kg of boneless beef at N3,643.65, followed by the Southwest at N3,290.11, while the Northeast had the lowest at N2,632.22.

For local rice, the Southwest and South-South had the highest average prices at N956.28 and N932.47, respectively, whereas the Northeast had the lowest at N776.12. In brown beans, the Southeast led at N1,034.08, followed by the Southwest at N977.98, while the North-West had the lowest at N663.96.

The Southeast and South-South had the highest average prices for onion bulbs at N817.11 and N775.34, respectively, while the Northeast had the lowest at N529.95. The South-South had the highest average price for tomatoes at N1,307.66, followed by the Southwest at N1,047.18.

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