The latest food prices watch report for September 2023 released by the National Bureau of Statistics (NBS) indicates that the average price of 1kg of locally sold rice increased by 60.59 percent in one year.
Data from the report shows that the price of the staple food product rose from N471.42 in September 2022 to N757.06 in September 2023.
It further showed that on a month-to-month basis, the average price for rice rose by 2.48 per cent from N738.74 in August 2023.
According to the report, the price of the commodity was most high in Rivers state costing N931.82 per kg while Benue state recorded the lowest prices costing N539.35 for 1kg.
Other food products that witnessed significant price increase were beef, beans, onion, yam among others.
The average price of boneless beef per kilogram was N2,816.91, indicating a 28.08 per cent increase compared to September 2022 when it was N2,199.37.
Additionally, it saw a 0.62 per cent price increase on a month-to-month basis from N2,799.51 in August 2023.
The year-on-year average price of 1kg of loose brown beans increased by 28.76 per cent, climbing from N556.81 in September 2022 to N716.97 in September 2023.
Additionally, on a month-to-month basis, the price of this item saw a 3.47 per cent increase from N692.95 in August 2023.
Likewise, the year-on-year average price of 1kg of onion bulbs increased by 29.81 per cent, rising from N397.18 in September 2022 to N515.59 in September 2023.
On a month-to-month basis, there was a 0.45 per cent increase. Additionally, the year-on-year average price of 1kg of yam tubers surged by 45.11 per cent, climbing from N409.23 in September 2022 to N593.83 in September 2023. On a month-to-month basis, there was a 3.03 per cent increase from N576.39 in August 2023.
The average price of tomatoes in September 2023 was N565.65. On a year-on-year basis, the price increased by 27.09 per cent from N445.12 in September 2022.
Every month, the average price of 1kg of tomato increased from N554.37 in August 2023 to N565.65 in September 2023 representing an increase of 2.04 per cent.
The average price of yams increased by 45.11 per cent on a year-on-year basis from N409.23 per kg in September 2022 to N593.23 in September 2023.
Between August and September 2023, the average price per kg increased by 3.03 per cent from N576.39 to 593.93.
