Food prices surge in Nigeria as rice up by 62.68%, beef by 30.75% in August 2023 – NBS

In August 2023, the NBS Food Price Watch report shows that there was a continuous increase in food prices for the month.

For example, the average price for 1kg of Rice locally sold loose in August 2023 according to the report was N738.74.

This reflects a substantial 62.68% year-on-year increase from August 2022 (N454.10). On a month-on-month basis, there was a 13.04% increase from July 2023 (N653.49).

Other food items included in the report are;

Beef Boneless:

• The average price for 1kg of Beef boneless in August 2023 was N2,799.51.
• This represents a 30.75% increase compared to August 2022 (N2,141.18).
• On a month-on-month basis, there was a 1.50% increase from July 2023 (N2,758.13).

Beans Brown

• The average price for 1kg of Beans brown (sold loose) in August 2023 was N692.95.
• This indicates a 27.00% year-on-year increase from August 2022 (N545.61).
• On a month-on-month basis, there was a 3.88% increase from July 2023 (N673.53).

Onion Bulb:

• The average price for 1kg of Onion bulb in August 2023 was N513.29.
• This represents a 30.54% year-on-year increase from August 2022 (N393.22).
• On a month-on-month basis, there was a 2.10% increase.

Yam Tuber:

• The average price for 1kg of Yam tuber in August 2023 was N576.39.
• This reflects a significant 42.80% year-on-year increase from August 2022 (N403.65).
• On a month-on-month basis, there was a 6.86% increase from July 2023 (N539.41).

Vegetable Oil (1 Bottle):

• The average price for 1 bottle of Vegetable oil in August 2023 was N1,389.14.
• This indicates a 32.36% year-on-year increase from August 2022 (N1,049.49).
• On a month-on-month basis, there was a 1.76% increase from July 2023 (N1,365.17).

Regional Analysis:

• In the regional analysis, the South-East had the highest average price for 1kg of Beef boneless (N2,234.60), followed by the South-South (N2,312.05), and the North-Central had the lowest (N1,960.65).
• The South-East and South-South had the highest average prices for 1kg of Rice locally sold loose (N887.13 and N809.15, respectively), while the North-Central had the lowest (N612.78).
• The South-East had the highest average price for 1kg of Beans brown (sold loose) (N945.63), followed by the South-West (N750.00), and the North-Central had the lowest (N567.67).
• The South-East and South-South had the highest average prices for 1kg of Onion bulb (N712.01 and N699.47, respectively), while the North-East had the lowest (N355.56).
• The South-West had the highest average price for 1kg of Yam tuber (N766.48), followed by the South-South (N721.37), and the North-East had the lowest (N361.21).

The North-Central recorded the highest average price for 1 bottle of Vegetable oil (N1,335.56), followed by the North-East (N1,297.21), and the South-West had the lowest (N920.00).