NBS Reports Significant Rise in Food Prices for February 2024

The National Bureau of Statistics (NBS) has released its selected food prices watch report for February 2024, revealing a notable uptick in the cost of essential food items nationwide.
The report highlights substantial increases in the prices of staples such as beef, rice, beans, onions, garri, yam, and bread over the past year.
According to NBS data, the average price of 1kg of boneless beef surged by 49.41 percent from February 2023 to February 2024, soaring from N2,445.96 to N3,654.56.
Similarly, the cost of 1kg of local rice witnessed a staggering 134.81 percent increase, rising from N520.84 to N1,222.97 within the same period. Other items like beans, onions, garri, yam, and bread also experienced significant year-on-year price hikes.
In the monthly comparison, the NBS statement, issued by spokesperson Jonas Agwu, reveals that 1kg of boneless beef saw a 10.22 percent increase in February compared to January 2024, escalating from N3,315.78 to N3,654.56, indicating a continuous upward trajectory in food prices.
Geographically, the South-East emerged 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 across several categories, including beef and local rice.
The sharp rise in food prices has sparked concerns among consumers and economists, with many attributing the surge to factors such as inflation, disruptions in the supply chain, and shifting market dynamics.
In response to these findings, the NBS has urged increased 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.
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