Prices of rice, garri, beef rise 27.4% in March – NBS

The average prices of rice, garri and beef rose 27.4 per cent in March, the most among selected food prices for the period, data from the National Bureau of Statistics (NBS) shows.

Price Rise Information From NBS

The NBS Selected Food Price Watch report shows that the average price of 1kg local parboiled rice rose to N1,340.7 in March from N530.08 in the same period of 2023, indicating a 153 per cent rise in price.

 

On a state basis, the report stated that Niger recorded the highest price of a kg local parboiled rice at N1,700, while the lowest was recorded in Benue state at N986.

 

The average price of garri – the most consumed staple by low and middle income surged 112.3 per cent from N353.16 in March 2023 to N1,554 in the corresponding month in 2024. On a month-on-month basis, it surged 5.2 per cent from N1,477 in February to N1,554 in March.

 

The selected food price report shows that the average prices of food items such as vegetable oil, beans, palm oil, eggs, tomato and yam, rose considerably in March, accelerating food inflation to 40 per cent in March.

 

The average price of 1kg beef boneless increased 17.9 per cent from N3,655 last month to N4,309 in March.

 

It increased 74 per cent year-on-year from N2,480 in the same period last year. The average price of 1kg of brown beans (sold loose) increased 4.79 per cent from N1,178 in February to N1,234 in March. On a year-on-year basis, the commodity increased 107 per cent compared to the same period in 2023.

 

 

In addition, the average price of 1kg of yam tuber rose 141.25 per cent year-on-year from N443.02 the previous year to N1,069 On a month-on-month basis, it increased 5.87 per cent from N1,010 last month to N1,068.

Zonewise Analysis Of Rise In Prices

“Analysis by zone showed that the average price of 1kg local rice sold loose was highest in the south-west at N1,526.95, followed by the south-south at N1,470, while the north-west recorded the lowest average price at N1,104.96,” the report added.

 

The south-east recorded the highest average price of 1kg of brown beans (sold loose) at N1,466, followed by the south-south at N1,460, while the lowest was recorded in the north-west with N863.

 

The south-west and the south-east recorded the highest average price of 1kg of garri white at N895 and N836, respectively, while the lowest was recorded in the north-west with N618.

 

The highest average price of 1kg of beef boneless, was recorded in Kwara at N5,500 while the lowest was recorded in Benue State at N3,400.

 

Ogun state recorded the highest average price of 1kg of garri white at N1,021, while the lowest was reported in Benue at N491.

 

 

Other Financial news Headlines of today, May 8, 2024:

Market drops further by 0.48% as investors sell FBN Holdings, others

Pension funds flock to T-bills in hunt for higher returns

Manufacturers bleed as losses rise to N389bn in Q1

 

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