Nigerian Food Prices Soar: NBS Reports Over 280% Increase in Staple Costs by September 2024

The National Bureau of Statistics (NBS) has reported significant increases in the prices of staple foods in Nigeria for September 2024. According to the NBS's "September 2024 Selected Food Prices Watch" report, released on Wednesday in Abuja, the costs of essential items such as bread, rice, beans, eggs, and tomatoes have surged considerably over the past year.

The report indicates that the average price of one kilogram of brown beans rose from N716.97 in September 2023 to N2,738.59 in September 2024, marking a staggering 281.97 percent increase. Additionally, the average cost of a dozen medium-sized Agric eggs increased by 137.33 percent, climbing from N1,047.47 in September 2023 to N2,487.04 in September 2024.

Sliced bread prices also experienced a substantial rise, with the average cost going up from N708.36 in September 2023 to N1,528.19 in September 2024, reflecting a 115.74 percent year-over-year increase.

"On a month-on-month basis, one kilogram of brown beans increased by 6.37 percent in September from the N2,574.63 recorded in August 2024," the report noted. "Similarly, the price of eggs rose by 8.46 percent from the N2,289.19 recorded in August 2024, while the cost of sliced bread increased by 4.68 percent from N1,459.85 in August 2024."

The NBS also reported that the average price of one kilogram of local rice increased from N757.06 in September 2023 to N1,914.77 in September 2024, representing a 152.92 percent rise over the year. Similarly, the cost of one kilogram of boneless beef nearly doubled, increasing from N2,816.91 in September 2023 to N5,633.60 in September 2024, a 99.99 percent increase.

The price of tomatoes followed the upward trend, with the average cost per kilogram climbing by 152.94 percent from N565.69 in September 2023 to N1,430.87 in September 2024.