Abuja – September 26, 2024 — The National Bureau of Statistics (NBS) has reported a significant rise in the price of brown beans and other essential food items in August 2024. According to the NBS’s Selected Food Price Watch report for August, the average price of 1kg of brown beans (sold loose) surged by 271.55% on a year-on-year basis, increasing from N692.95 in August 2023 to N2,574.63 in August 2024.
On a month-to-month basis, the price of brown beans also recorded a 5.31% increase, rising from N2,444.81 in July 2024.
The report highlighted that other staple food items also experienced substantial price increases during the same period. Agric eggs (medium size, 12 pieces) saw a 121.92% year-on-year jump, from N1,031.55 in August 2023 to N2,289.19 in August 2024. The price of eggs also rose 5.48% on a month-on-month basis, from N2,170.17 in July 2024.
Sliced bread, a common staple, recorded a year-on-year price increase of 113.16%, rising from N684.85 in August 2023 to N1,459.85 in August 2024. On a month-to-month basis, the price of sliced bread climbed 2.28% from N1,427.25 in July 2024.
However, in contrast to the upward trend in most food prices, tomatoes witnessed a significant price drop. The price of 1kg of tomatoes fell by 11.07% month-on-month, dropping from N1,693.83 in July 2024 to N1,506.35 in August 2024.
Local rice (sold loose) also saw a sharp increase, with the price rising by 148.41% year-on-year, from N737.11 in August 2023 to N1,831.05 in August 2024. The price of rice also rose by 3.65% from July 2024 to August 2024.
Yam tubers saw a mixed trend, with the year-on-year price of 1kg of yam rising by 188.31%, from N576.39 in August 2023 to N1,661.80 in August 2024. However, on a month-to-month basis, the price dropped by 7.82%, from N1,802.84 in July 2024 to N1,661.80 in August 2024.
The surge in food prices comes amid broader concerns about inflation and food security, with previous reports from the NBS showing price hikes for various food items such as beans, tomatoes, and potatoes in recent months. The rising cost of staple foods continues to strain households across the country as Nigeria grapples with economic challenges and the impacts of global market shifts.