The National Bureau of Statistics (NBS) has released its latest food price watch for January 2024, revealing significant price hikes in staple food items compared to the previous year.
According to the report, the price of local rice surged by 98.47 percent from January 2023 to January 2024, with the cost per kilogram rising from N514.83 to N1,021.79. This marks an 11.31 percent increase from December 2023.
Additionally, boneless beef saw a notable increase of 37.08 percent over the same period, with the average price per kilogram climbing from N2,418.91 in January 2023 to N3,315.78 in January 2024. Month-on-month, the price rose by 5.37 percent compared to December 2023.
Brown beans also experienced a significant price surge, rising by 64.42 percent year-on-year, from N593.96 in January 2023 to N976.58 in January 2024. On a monthly basis, the increase was 12.16 percent from December 2023.
The report underscores the growing challenges faced by consumers amid inflationary pressures and economic uncertainties.
Speaking on the findings, the NBS emphasized the need for measures to address the rising cost of essential food items, which could impact household budgets and exacerbate food insecurity.
As Nigerians grapple with these soaring prices, policymakers and stakeholders are urged to explore strategies to mitigate the effects on the populace, ensuring access to affordable and nutritious food remains a priority.
The NBS report serves as a critical indicator of the economic landscape, highlighting areas that require immediate attention to safeguard the welfare of the populace.
