Food Prices Rise In February 2024 – NBS

The National Bureau of Statistics (NBS) has released its selected food prices watch report for February 2024, indicating a significant rise in the cost of basic food items across Nigeria.

According to the report, essentials such as beef, rice, beans, onion, white garri, yam, bread, and more have seen steep price increases over the past year.

Naija News reports that the pricewatch highlights that the average price of 1kg of boneless beef surged by 49.41 per cent from February 2023 to February 2024, jumping from ₦2,445.96 to ₦3,654.56.

Similarly, the cost of 1kg of local rice skyrocketed by 134.81 per cent, climbing from N520.84 to ₦1,222.97 in the same period. Beans, onions, garri, yam, and bread also followed this upward trend, with significant year-on-year price hikes recorded.

Detailing the monthly comparison, the NBS statement, signed by spokesperson Jonas Agwu, notes, “On a month-on-month basis, 1kg of boneless beef increased by 10.22 per cent in February from the ₦3,315.78 recorded in January 2024,” reflecting the continuous rise in food prices across the board.

Analyzing by geographical zones, the South-East emerged as the region with the highest average price for 1kg of boneless beef at ₦4,483.78, followed closely by the South-West.

Conversely, the North-West recorded the lowest prices in several categories, including beef and local rice.

The significant increase in food prices has raised concerns among consumers and economists alike.

Many attribute the rise to factors such as inflation, supply chain disruptions, and changing market dynamics.

In light of these findings, the NBS has called for increased efforts to address the underlying causes of food price inflation, emphasizing the need for policy interventions to ensure the affordability and accessibility of essential food items for all Nigerians.