The National Bureau of Statistics has revealed that the prices of Beans, Rice, Bread, Egg have continued to rise in Nigeria.
NBS disclosed this in its recently released Selected Food Prices Watch for August. 2024.
The data showed the prices of one Kilogram of Beans rose by 271.55 percent on a year-on-year basis to N2,574.63 in August 2024 from N692.95 recorded in the same period last year.
Also on a month-on-month basis, the price of Beans increased by 5.31 percent to N2,444.81 in July 2024.
It noted that the average price of 1kg local rice sold loose went up by 148.41 percent on a year-on-year basis from N 737.11 in August 2023 to N1,831.05 in August 2024, while there was an increase of 3.65 percent on a month-on-month basis.
This is as the price of medium size eggs (12 pieces) experienced significant price increases year on year by N121.92 percent from N1,031.55 in August of last year (2023) to N2,289.19 in August 2024.
On a month-on-month basis, the average price of this item rose by 5.48 percent from N 2,170.17 in July 2024.
On the price of bread, there was also a notable price increase of bread (sliced) by 113.16 percent on a year-on-year basis from N684.85 in August 2023 to N1,459.85 in August 2024
On a month-on-month basis, it increased by 2.28 percent from N 1,427.25 in July 2024. On the other hand,
Meanwhile, the prices of Tomatoes and Yam declined on a Month-on-month basis but remained high on a year-on-year basis.
This is as tomato 1kg declined by 11.07 percent month-on-month from N1,693.83 in July 2024 to N1,506.35.
Also, the average price of 1kg of Yam tuber increased by 188.31 percent on a year-on-year basis from N576.39 in August 2023 to N1,661.80 in July 2024. On a month-on-month basis, it decreased by -7.82 percent from N1,802.84 in July 2024.
These figures follow August headline and Food inflation data which stood at 32.15 percent and 37.52 percent.
Price Hike: Beans, Rice, Bread other food items on steady rise in Nigeria – NBS
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