The National Bureau of Statistics (NBS) has released its Selected Food Prices Watch report for September 2023, revealing an increase in the prices of essential food items such as beef, rice, beans, onion, and yam. This surge in food prices is concerning for consumers across the country.
According to the NBS report, the average price of 1kg of boneless beef rose by 28.08% from N2,199.37 in September 2022 to N2,816.91 in September 2023. On a month-on-month basis, the price increased by 0.62% compared to August 2023.
The report also highlighted the significant increase in the price of local rice. On a year-on-year basis, the average price of 1kg of local rice soared by 60.59%, from N471.42 in September 2022 to N757.06 in September 2023. Month-on-month, there was a 2.48% increase from the previous month.
Brown beans saw a similar trend, with a 28.76% increase in the average price of 1kg from N556.81 in September 2022 to N716.97 in September 2023. Month-on-month, the price rose by 3.47%.
The price of onion bulb also surged, with a year-on-year increase of 29.81% from N397.18 in September 2022 to N515.59 in September 2023. On a month-on-month basis, there was a 0.45% increase.
Yam tuber was not exempt from the rising food prices, witnessing a significant increase of 45.11% on a year-on-year basis, from N409.23 in September 2022 to N593.83 in September 2023. Month-on-month, the price rose by 3.03%.
The NBS report further delved into state-wise analysis, revealing the highest and lowest prices for these food items across different regions. Anambra had the highest average price of 1kg of boneless beef at N3,800.42, while Kogi recorded the lowest price at N1,845.29.
Rivers had the highest average price of 1kg of local rice at N931.82, and Benue had the lowest at N539.35. Imo recorded the highest average price of 1kg of brown beans at N1,090.23, while Kogi had the lowest at N485.64. Abia had the highest average price of 1kg of onion bulb at N862.35, and Nasarawa had the lowest at N295.73.
When analyzed by zones, the South-East had the highest average price for 1kg of boneless beef, rice, brown beans, and onion bulb. The South-West closely followed in terms of beef and rice prices. However, the North-Central had the lowest average prices for these food items.
The surge in food prices, particularly for staple foods, can affect the purchasing power and living standards of ordinary Nigerians. The government and relevant stakeholders need to address this issue urgently to alleviate the burden on consumers and ensure food security in the country.
As Nigeria grapples with the rising cost of living, it is essential for policymakers to find sustainable solutions to stabilize food prices and support the well-being of the nation’s citizens.
