The rising cost of living is not easing anytime soon, as the prices of major staple foods continue to increase across the countryAccording to the latest data from the NBS, the price of local rice has surged by 137%, while the average price of 1kg of brown beans has risen by 254.23%Bauchi residents paid the highest price for 1kg of brown beans, while Kogi residents paid the most for local rice
Henzodaily.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The National Bureau of Statistics has revealed that Nigerians paid more to buy rice and beans.
According to the bureau, the average price of 1kg of local rice sold loose went up to N1,944.64 in October 2024.
This represents a 137.32% increase on a year-on-year basis from N819.42 in October 2023.
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Nigerians pay more to buy rice, beans
Photo credit: nurphoto
Source: Getty Images
On a month-on-month basis, the N1,944.64 that Nigerians paid in October 2024 represents a 1.56% increase compared to the N1,914.77 average price for 1kg of local rice.
It was also similar to rice agric, which was sold loose and rice medium-grained.
The NBS stated that the average price for 1kg of medium-grained rice stood at N2,068.20 in October 2024, reflecting a 130.44% increase from the N897.49 average price recorded in October 2023.
In September 2024, 1kg of medium-grained rice was sold at an average price of N1,998.39.
Agric rice sold loose rose from N819.42 per kg in October 2023 to N1,944.64 in October 2024, marking a 137.32% in one year.
Beans price increases
NBS also revealed the average price of 1kg of brown beans (sold loose) stood at N2,798.50.
This indicates a rise of 254.23% in price on a year-on-year basis from N790.01 recorded in October 2023 and a 2.19% rise in price on a month-on-month basis from N2,738.59 in September 2024.
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The state profile analysis for October 2024 reveals that the highest average price of 1kg of brown beans (sold loose) was recorded in Bauchi at N3,750.00, while the lowest was in Yobe State at N1,749.52.
States profile of rice and beans sale
Kogi recorded the highest average price of 1kg of local rice (sold loose) at N2,693.41, while the lowest was reported in Benue at N1,267.25.
Analysis by zone showed that the average price of brown beans (sold loose) was highest in the South-South at N3,274.39, followed by the North-Central at N2,990.02, while the North-East recorded the lowest average price at N2,294.29.
The Southeast and Southwest recorded the highest average prices of 1kg of local rice (sold loose) at N2,146.08 and N2,011.05, respectively, while the lowest was recorded in the Northwest at N1,763.62.
BoI launches app to check food prices
Earlier, Henzodaily.ng reported that the Bank of Industry (BOI) has launched a new app and website as part of its plans to check food prices.
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The website will provide real-time updates on food prices across eight states in Nigeria.
The BOI believes that with increased transparency, Nigerians can make purchasing decisions while buying food items.
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Source: Henzodaily.ng