Full List: 10 States With Highest Food Prices As Traders Sell Bag of Rice at a New Price

• A new report from NBS has revealed the list of states in Nigeria, residents are experiencing the fastest increase in food prices
• The new data again captures the struggles of Nigerian households to feed and survive on a monthly basis
• Kogi, Rivers, Kwara lead the table of states with the highest rise in food prices across the country

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The National Bureau of Statistics (NBS) has revealed that the food inflation rate in February 2024 was 37.92% on a year-on-year basis.

This is 13.57% points higher compared to the rate recorded in February 2023 (24.35%).

On a month-on-month basis, the food inflation rate in February 2024 was 3.79%, which was 0.58% higher than the rate recorded in January 2024 (3.21%).

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The statistics body disclosed this in its consumer price report for January 2024 published on its website.

Breakdown of state food price changes

The report stated that the rise in food inflation on a year-on-year basis was caused by increased prices of bread and cereals, potatoes, yam and other tubers, fish, oil and fat, meat, fruit, coffee, tea, and cocoa.

NBS added:

"The rise in the Food inflation on a month-on-month basis was caused by a rise in the rate of increase in the average prices of Bread and Cereals, Potatoes, Yam & Other Tubers, Fish, Coffee, Tea, and Cocoa.

"The average annual rate of Food inflation for the twelve months ending February 2024 over the previous twelve-month average was 30.07%, which was a 7.95% points increase from the average annual rate of change recorded in February 2023(22.12%)."

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Top 10 states with the highest rise (Y/Y) in food inflation

1. Kogi 46.32%
2. Rivers 44.34%
3. Kwara 43.05%
4. Imo 42.99%
5. Ebonyi 41.63%
6. Osun 41.88%
7. Abia 41.04%
8. Akwa Ibom 41.44%
9. Ondo 41.42%
10. Delta 40.83%

Expert speaks

Reacting to the latest inflation figure, economist Joshua Alade noted that Nigeria will need to do all it can to improve its production by addressing security issues around farming communities.

He said:

"The market is controlled by demand and supply, and the best way to manage inflation is to either reduce money supply or increase production output."

Rice prices for different brands

In another report, Legit.ng revealed that the market prices of 50kg bags of top rice brands are fast becoming unaffordable for most citizens.

For example, some retailers in Nigeria have reported that the price of Mama Gold Rice has risen to about N78,500 in Lagos.

A 50kg bag of Stallion brand sells for N77,000 to N80,000, depending on the location and grain type.

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Source: Legit.ng