In November 2023, Nigeria experienced a substantial increase in the prices of staple food items, including beef, rice, beans, onion, and tomato. The National Bureau of Statistics (NBS) unveiled its Selected Food Prices Watch report for November, divulging a concerning surge in food prices across the nation.
According to the report, the prices of food items varied across different regions of Nigeria. The Northeast and Northwest regions saw comparatively lower prices, while the Southwest, Southeast, and South-south regions faced higher rates, signifying a geographic disparity in food cost.
The findings revealed staggering spikes in the average prices of essential commodities. For instance, the price of 1kg of boneless beef skyrocketed by 29.61% year-on-year, amounting to N3,029.50 in November 2023, compared to N2,337.46 in the same period of the previous year. Additionally, on a month-on-month basis, the price surged by 2.76%.
Similarly, the average price of 1kg of local rice surged by 73.16% year-on-year, reaching N867.18 in November 2023 from N500.80 in November 2022. This represents a 5.83% increase when compared to October 2023.
Moreover, the report highlighted a 44.99% year-on-year hike in the average price of 1kg of brown beans, which soared from N578.55 in November 2022 to N838.85 in November 2023. The month-on-month increase stood at 6.18%.
Furthermore, the average price of 1kg of onion bulb surged by 60.62% annually, rising from N425.71 in November 2022 to N683.78 in November 2023. The month-on-month increase was recorded at 15.35%.
Additionally, the price of 1kg of tomato surged by 66.69% year-on-year, escalating from N455.13 in November 2022 to N758.65 in November 2023. On a monthly basis, the surge amounted to 12.24%.
The report also provided insight into the state-specific price analyses. For instance, Anambra recorded the highest average price of 1kg of boneless beef at N3,850.47, whereas Yobe documented the lowest at N2,533.33. Similarly, Lagos recorded the highest average price of 1kg of local rice at N1,122.42, while Kebbi documented the lowest at N688.00.
Moreover, Imo reported the highest average price of 1kg of brown beans at N1,109.75, while Jigawa recorded the lowest at N575. Anambra also documented the highest average price of 1kg of onion bulb at N872.23, with Gombe marking the lowest at N506.41. Delta reported the highest average price of 1kg of tomato at N1,505.16, whereas Kano recorded the lowest at N396.04.
The NBS further classified the average prices of food items by zone, revealing noticeable regional variations. Notably, the Southeast and Southwest displayed higher average prices for various food items, while the Northeast and Northwest regions reported lower prices.
This disparity was particularly pronounced in the prices of boneless beef, local rice, brown beans, onion bulb, and tomato, shedding light on the complex economic landscape within the country.
The report serves as a wake-up call, underscoring the pressing need for strategic interventions to address the soaring food prices, thereby mitigating the burden on the populace. It also emphasizes the importance of devising inclusive policies that consider the diverse economic conditions prevailing across Nigeria’s different regions.
