The price of one kilogramme (kg) of rice increased by 152.93 per cent in March, data from the National Bureau of Statistics has shown.
In a report titled ‘Selected Food Price Watch for March 2024’ the NBS said the price of 1kg rice locally stood at N1,340.74 from N530.08 it was sold in March 2023.
It however said the price was a 9.63 per cent rise when compared to the month of February, which was N1,222.97.
The report also said the price of 1kg of beef boneless increased by 73.78 per cent on a year-on-year basis from N2,479.61 in March of last year (2023) to N4,309.16 in March 2024 while on a month-on-month basis, the average price of this item increased by 17.91 per cent from N3,654.56 in February 2024.
It added that for 1kg of beans, brown (sold loose, it rose by 106.78 per cent on a year-on-year basis from N596.96 in March 2023 to N1234.40 in March 2024.
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“On a month-on-month basis, it increased by 4.79 per cent from N1,177.93 in March 2024.
Similarly, the average price of 1kg of garri white, sold loose rose by 112.34 per cent on a year-on-year basis from N353.16 in March 2023 to N749.89 in March 2024, while there was an increase of 3.66 per cent on a month-on-month basis.
In addition, the average price of 1kg of yam tuber rose by 141.25 per cent on a year-on-year basis from N443.02 in March 2023 to N1,068.78 in March 2024. On a month-on-month basis, it increased by 5.87 per cent from N1,009.56 in February 2024 to N1,068. in March 2024.”
On state profile, it said analysis revealed that the highest average price of 1kg of rice, local, sold loose was recorded in Niger State at N1,699.98 while the lowest was recorded in Benue State at N985.83.
“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 N3,400.22. In terms of the average price of 1kg of beans, brown (sold loose), Ondo state recorded the highest price at N1,596.68, while Sokoto recorded the least price at N745.5.
Ogun State recorded the highest average price of 1kg of garri white at N1021.13, while the lowest was reported in Benue at N490.55.
The highest average price of 1kg of yam tuber was recorded in Edo at N1,695.13, while the least average price was recorded in Katsina at N723.39.”
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