Food Prices Surge In February 2024 – NBS Report Reveals

Food Prices Surge In February 2024 – NBS Report Reveals

The National Bureau of Statistics (NBS) has unveiled its latest food price watch report for February 2024, indicating a notable uptick in the prices of essential food commodities across Nigeria……READ ALSO Emir Of Kano Urges Traders: Slash Food Prices For Ramadan Sake

According to the report, basic items like beef, rice, beans, onions, white garri, yam, and bread have experienced substantial price hikes over the past year.

Notable highlights from the report include a 49.41 percent increase in the average price of 1kg of boneless beef from February 2023 to February 2024, rising from N2,445.96 to N3,654.56. Similarly, the cost of 1kg of local rice surged by 134.81 percent during the same period, climbing from N520.84 to N1,222.97.

Detailing the monthly comparison, the NBS spokesperson, Jonas Agwu, noted that the price of 1kg of boneless beef increased by 10.22 percent in February compared to January 2024, indicating a continuous upward trend in food prices.

Geographically, the South-East emerged as the region with the highest average price for 1kg of boneless beef at N4,483.78, closely followed by the South-West. Conversely, the North-West recorded the lowest prices in several categories, including beef and local rice.

The significant surge in food prices has raised concerns among consumers and economists, with factors such as inflation, supply chain disruptions, and changing market dynamics being cited as contributing factors.

In response to these findings, the NBS has urged for intensified efforts to address the root causes of food price inflation, stressing the importance of policy interventions to ensure the affordability and accessibility of essential food items for all Nigerians.