Food Prices Surge In November — NBS

Food prices notably surged in November, with beef, rice, beans, onions, tomatoes, and other essential food items recording significant increases, the National Bureau of Statistics (NBS) said in its latest report.

In the Selected Food Prices Watch released in Abuja on Friday, the NBS noted several price hikes across various food commodities in comparison to the same period last year.

The report detailed that boneless beef saw a substantial 29.61% rise from N2,337.46 in November 2022 to N3,029.50 in November 2023. Month-on-month, the price increased by 2.76% from October’s figure of N2,948.03.

Local rice prices escalated by 73.16% year-on-year, soaring from N500.80 in November 2022 to N867.18 in November 2023. The month-on-month increase was 5.83%.

Brown beans surged by 44.99% year-on-year, rising from N578.55 in November 2022 to N838.85 in November 2023. The month-on-month increase stood at 6.18%.

Onion bulb prices experienced a steep hike of 60.62% year-on-year, rising from N425.71 in November 2022 to N683.78 in November 2023, with a month-on-month increase of 15.35%.

The price of tomatoes also spiked by 66.69% year-on-year, escalating from N455.13 in November 2022 to N758.65 in November 2023. Month-on-month, the increase was 12.24%.

Moreover, the report highlighted price disparities across different states. Anambra recorded the highest average price for boneless beef at N3,850.47, while Yobe had the lowest at N2,533.33. Lagos had the highest average price for local rice at N1,122.42, with Kebbi recording the lowest at N688.00.

Across various zones, the Southeast topped the list with the highest average prices for boneless beef at N3,643.65, while the Northeast had the lowest at N2,632.22.

Local rice prices saw the Southwest and South-South regions leading at N956.28 and N932.47, respectively, while the Northeast had the lowest at N776.12.

For brown beans, the Southeast led at N1,034.08, followed by the Southwest at N977.98, with the North-West recording the lowest at N663.96.

Onion bulb prices were highest in the Southeast at N872.23, and the lowest in Gombe at N506.41. Delta recorded the highest price for tomatoes at N1,505.16, with Kano recording the lowest at N396.04.

The report concluded that these notable price surges in essential food items could significantly impact consumers nationwide. (NAN)