1kg of Local Rice Witnesses 134.81% Yearly Price Hike – NBS

The National Bureau of Statistics ,NBS,  Selected Food Price Watch for February 2024 shows a 19.69% (N1,222.97) rise in the price of 1kg Local Rice on a month-on-month basis from N1,021.79 in January 2024

This was contained in the National Bureau Of Statistics Selected Food Price Watch for February 2024

“February 2024 shows that the average price of 1kg Rice local sold loose stood at N1,222.97. This indicates a rise of 134.81% in price on a year-on-year basis from N520.84 recorded in February 2023”

The NBS report pointed out that the average price of 1kg of Beef boneless increased by 49.41% on a year-on-year basis from N2,445.96 in February 2023 to N3,654.56 in February 2024.

“On a month-on-month basis, the average price of this item increased by 10.22% from N3,315.78 in January 2024”.

“The average price of 1kg of Beans brown (sold loose) rose by 98.25% on a year-on-year basis from N594.15 in February 2023 to N1,177.93 in February 2024. On a month-on-month basis, it increased by 20.62% from N976.58 in January 2024”.

Similarly, the average price of 1kg of Garri white, sold loose rose by 109.16% on a year-on-year basis from N345.88 in February 2023 to N723.45 in February 2024, while there was an increase of 20.44% on a month-on-month basis.

In addition, the average price of 1kg of Yam tuber rose by 131.33% on a year-on-year basis from N436.41 in February 2023 to N1009.56 in February 2024.

“On a month-on-month basis, it increased by 11.93% from N901.94 in January 2024 to N1009.56 in February 2024”.