Food Inflation Hits Record High: Prices Rise Yet Again in February, Says NBS

The National Bureau of Statistics (NBS) has revealed that prices for staple foods including beef, rice, beans, onions, white garri, yams, and bread experienced significant increases during February 2024.

This information was disclosed in the NBS’s Selected Food Prices Watch report for February 2024, which was published in Abuja on Saturday.

According to the report, the average price of boneless beef per kilogram surged by 49.41 per cent, rising from N2,445.96 in February 2023 to N3,654.56 in February 2024. On a month-on-month basis, the increase was 10.22 per cent from January 2024’s N3,315.78.

Similarly, the average price of local rice saw a staggering 134.81 per cent increase year-on-year, climbing from N520.84 in February 2023 to N1,222.97 in February 2024. Month-on-month, local rice prices soared by 19.69 per cent.

Brown beans also experienced a significant hike, with a year-on-year increase of 98.25 per cent, reaching N1,177.93 in February 2024 from N594.15 in February 2023. On a monthly basis, brown beans prices rose by 20.62 per cent.

Onion prices rose by 103.44 per cent year-on-year, from N450.07 in February 2023 to N915.61 in February 2024. White garri prices increased by 109.16 per cent year-on-year, while yam tubers saw a 131.33 per cent surge in prices.

Additionally, sliced bread prices increased by 89.48 per cent year-on-year, reaching N1,047.86 in February 2024 from N553.03 in February 2023.

Regional analysis revealed variations in price levels across states and zones. For instance, Abia recorded the highest average price for boneless beef at N4,595.69, while Kogi had the lowest at N2,680.03. Similarly, Niger had the highest average price for local rice at N1,670.96, with Borno recording the lowest at N936.14.

The report highlighted the South-East as having the highest average price for boneless beef and the South-West for local rice. The South-South had the highest average prices for brown beans, onion bulbs, white garri, and sliced bread.

Overall, the data underscores a worrying trend of food price inflation, posing challenges for consumers across Nigeria, particularly in meeting their dietary needs within budget constraints.