Surge In Food Prices: NBS Reports 81% Increase In Rice Prices In 2023

 

The National Bureau of Statistics (NBS) has released alarming figures, indicating a substantial increase in the average price of key food items in Nigeria.

According to the Selected Food Price Watch report for December 2023, the price of local rice, a staple in the country, surged by 81.35% year-on-year, reaching N917.93 per kilogram. This surge, compared to the corresponding price in December 2022, highlights significant challenges in the affordability of essential food commodities.

The report reveals that the average price of 1kg of local rice increased by 81.35% year-on-year, soaring from N506.17 in December 2022 to N917.93 in December 2023. This represents a month-on-month increase of 5.85%, indicating a concerning upward trend in rice prices.

The average price of 1kg of tomatoes experienced a substantial rise of 77.60% on a year-on-year basis, climbing from N458.42 in December 2022 to N814.16 in December 2023. On a month-on-month basis, the increase was 7.32%, emphasizing the challenges in tomato affordability.

The cost of 1kg of brown beans (sold loose) surged by 48.54% year-on-year, escalating from N586.14 in December 2022 to N870.67 in December 2023. On a month-on-month basis, the increase was 3.79%, contributing to concerns over the rising prices of essential food items. The average price of 1kg of boneless beef increased by 32.38% year-on-year, rising from N2,377.29 in December 2022 to N3,146.94 in December 2023. On a month-on-month basis, the increase was 3.88%, further indicating the challenges faced by consumers in accessing affordable protein sources.

Onion bulb prices saw a significant surge, with a 122.94% year-on-year increase from N435.93 in December 2022 to N971.86 in December 2023. The month-on-month increase was 42.13%, highlighting the volatility in the prices of this essential vegetable.

The report provides insights into the varying prices across states and zones: For each food item, the report identifies the states with the highest and lowest prices, reflecting regional disparities in affordability. Variations in prices are highlighted across the geopolitical zones, with the South-South and South-East regions often experiencing higher price levels compared to the North-West and North-East.

The NBS report underscores the pressing issue of rising food prices in Nigeria, particularly for staple items like rice, tomatoes, beans, beef, and onions. As the cost of essential commodities continues to escalate, it poses challenges to the affordability and accessibility of these items for ordinary citizens. Policymakers and stakeholders need to address these concerns to ensure food security and mitigate the impact on the overall cost of living for Nigerians.