Surging Food Prices Grip Nigeria: Consumers Face Steep Hikes with 60.59% Increase in Rice Cost

In the latest report released by the National Bureau of Statistics (NBS), data for September 2023 indicated significant price hikes across several essential food items, painting a challenging picture for consumers.

Among these items shown in the NBS report on food, the average price of boneless beef increased sharply by 28.08%, from ₦2,199.37 in September 2022 to ₦2,816.91 in September 2023. This rise was accompanied by a month-on-month increase of 0.62%, reaching ₦2,799.51 in August 2023.

Simultaneously, the cost of 1kg of locally sold rice had a substantial surge, marking a 60.59% increase from ₦471.42 in September 2022 to ₦757.06 in September 2023. This upward trajectory persisted on a monthly basis, with a 2.48% rise recorded from ₦738.74 in August 2023.

Brown beans, another well-consumed food in the country, followed a similar trend, a year-on-year average price increase of 28.76%. The price climbed from ₦556.81 in September 2022 to ₦716.97 in September 2023, reflecting a 3.47% monthly increase from ₦692.95 in August 2023.

Onion bulbs, a fundamental ingredient in many cuisines, experienced a notable uptick as well. The average price of 1kg of onion bulbs rose by 29.81% on a yearly basis, escalating from ₦397.18 in September 2022 to ₦515.59 in September 2023. This increase persisted on a monthly scale, albeit at a slower pace, with a 0.45% rise from ₦513.29 recorded in August 2023.

Additionally, yam saw a significant price surge of 45.11% year-on-year. The cost per kilogram increased from ₦409.23 in September 2022 to ₦593.83 in September 2023, with a monthly increase of 3.03% from ₦576.39 in August 2023.

The report highlighted regional disparities, revealing that certain states and zones faced more substantial price burdens than others. For instance, Anambra recorded the highest average price of 1kg of boneless beef at ₦3,800.42, while Kogi had a relatively lower price at ₦1,845.29.

Similarly, the cost of local rice was most burdensome in Rivers state, reaching ₦931.82, whereas Benue state reported a more affordable rate of ₦539.35 for the same quantity. These variations persisted across different food items, creating a complex economic landscape for consumers nationwide.