Food Prices in Nigeria See Significant Increase in September 2024
According to a report released by the National Bureau of Statistics, Nigeria has witnessed a substantial surge in the prices of essential food items, including beans, eggs, bread, rice, and tomatoes, in September 2024. The Selected Food Prices Watch report for September 2024, issued in Abuja, revealed that the prices of these staple foods have increased significantly over the past year.
One of the most notable increases was in the price of brown beans, which rose by 281.97% from N716.97 in September 2023 to N2,738.59 in September 2024. Medium-sized Agric eggs also experienced a significant price hike, increasing by 137.43% from N1,047.47 in September 2023 to N2,487.04 in September 2024.
Sliced bread also saw a substantial price increase, rising by 115.74% from N708.36 in September 2023 to N1,528.19 in September 2024. On a month-on-month basis, the price of brown beans increased by 6.37% in September from the N2,574.63 recorded in August 2024. Similarly, the price of eggs rose by 8.46% from the N2,289.19 recorded in August 2024, while the price of sliced bread increased by 4.68% from the N1,459.85 recorded in August 2024.
Other food items that experienced significant price increases include local rice, which rose by 152.92% from N757.06 in September 2023 to N1,914.77 in September 2024, and boneless beef, which increased by 99.99% from N2,816.91 in September 2023 to N5,633.60 in September 2024. The price of tomatoes also increased by 152.94% from N565.69 in September 2023 to N1,430.87 in September 2024.
These price increases are likely to have a significant impact on the daily lives of Nigerians, who are already struggling with economic challenges. The report highlights the need for the government to take measures to address the rising cost of living and ensure that essential food items are affordable for all citizens.
