Food Prices See Significant Increase in October, Says NBS

Food Prices See Significant Increase in October, Says NBS

By Fly Cable News

The National Bureau of Statistics (NBS) has reported notable price hikes in food items such as beans, eggs, bread, and rice in October 2024.

According to the NBS’ Selected Food Prices Watch report, the cost of 1 kg of brown beans surged by 254.23% from N790.01 in October 2023 to N2,798.50 in October 2024.

Other food items, including medium-sized eggs, sliced bread, and local rice, also saw significant year-on-year increases, with eggs rising by 140.21%, bread by 103.76%, and rice by 137.32%.

The report highlighted state-level price variations, with Bauchi recording the highest price for brown beans, while Yobe had the lowest. It also showed regional differences in the price of other food staples, such as eggs, bread, and rice.

The increase in food prices is part of a broader economic challenge, and experts have called for more sustainable measures, including addressing security issues, transportation costs, and foreign exchange constraints, to ensure food security in the country.