Benue Leads as New Report Shows Nigerian States with Cheapest, Costliest Food Prices For May
- New data from the National Bureau of Statistics shows that the prices of food items spiked most in March 2024
- The prices of staple food items like rice, garri, and beans rose by 27.4% in March this year compared to the year before
- Benue recorded the cheapest prices of food items, while Niger witnessed astronomical increases in the month under review
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.
The average price of rice, garri, and beef has increased by 27.4% in March, the highest among selected food prices for the review period.
Data from the Nigeria Bureau of Statistics shows that the average price of 1kg of local parboiled rice increased to N1,340.7 in March 2024 from N530.08 in the same period the year before.
Source: UGC
Benue leads with the lowest food prices
On a state level, the NBS report said that Niger recorded the highest price of a kilogramme of parboiled rice at N1,700, while Benue recorded the lowest price at N986.
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The average price of garri, a choice staple in Nigeria, rose by 112.3% from the N353.16 recorded in March 2023 to N1,554 in the same month in 2024.
Every month, the garri price surged by 5.2% from N1,477 in February to N1,554 in March 2024.
According to reports, the selected food prices show that the average prices of vegetable oil, beans, palm oil, eggs, tomatoes, and yam tubers spiked considerably in March, causing a surge in food inflation by 40%.
The report also noted that the average price of 1kg beef boneless rose by 17.9% from N3,655 in April to N4,309 recorded in March.
The price increased by 75% yearly from N2,480 in the same period in 2023.
The average price of 1kg of brown beans increased by 4.79% from N1,178 in February to N1,234 in March 2024.
March records high food inflation
The commodity’s prices rose 107% yearly compared to the same period in 2023.
Also, the average price of 1kg of yam tuber rose 141.25% yearly from N443.02 the previous year to N1,069. The price rose monthly from N1.010 in April to N1,068 in May 2024.
NBS said:
“Analysis by zone showed that the average price of 1kg local rice sold loose was highest in the southwest at N1,526.95, followed by the south-south at N1,470, while the northwest recorded the lowest average price at N1,104.96,” the report added.
Prices of food items by zones
The report also noted that the southeast recorded the highest average price of 1kg of brown beans, N1,466, followed by the south-south, N1,460, while the lowest cost was recorded in the northwest, N863.
The southwest and southeast recorded the highest average prices of 1kg of white garri, N895, and N836, while the northwest recorded the lowest, N618.
Kwara recorded the highest price of 1kg of beef boneless at N5,500, while Benue recorded the lowest at N3,400.
Ogun state recorded the highest price of white garri at N1021, while Benue recorded the cheapest at N491.
A Legit.ng report said that the price of garri hit N72,000 per bag in April, sending households into more hardship.
Sellers at the Katako market explained the reasons behind the historic price increase of the commodity in recent times.
Reports say that with schools just resuming and farmers expected to return to their fields soon, the situation may exacerbate the price increase.
Rice sellers announce price changes
Legit.ng earlier reported that the price of parboiled rice dropped for the first time this year in April, which relieved families and reduced living standards across the country.
A market survey across Lagos and significant cities shows that in four months, the price of a 50kg bag of rice has decreased by 20%, from an average of N90,000 to N72,000.
Experts have attributed the staple's price drop to the rise in the value of the naira against the US dollar.
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Source: Legit.ng
