“Average price of rice increases by 60.59% in one year” – NBS

The average price of 1kg of loose locally sold rice surged by 60.59%, climbing from N471.42 in September 2022 to N757.06 in September 2023.

Additionally, on a month-to-month basis, the average price for this item saw a 2.48% increase from N738.74 in August 2023.

Rice prices were most expensive in Rivers state costing N931.82 per kg while Benue state recorded the lowest prices costing N539.35 for 1kg.

This is according to the National Bureau of Statistics (NBS) food price watch for September 2023. Other food items captured in the food price watch include beef, beans etc.

Boneless Beef

The average price of boneless beef per kilogram was N2,816.91, marking a 28.08% increase in price compared to September 2022 when it was N2,199.37.

Additionally, it saw a 0.62% price increase on a month-to-month basis from N2,799.51 in August 2023.

Beans

The year-on-year average price of 1kg of loose brown beans increased by 28.76%, climbing from N556.81 in September 2022 to N716.97 in September 2023.

Additionally, on a month-to-month basis, the price of this item saw a 3.47% increase from N692.95 in August 2023.

Onion

Likewise, the year-on-year average price of 1kg of onion bulbs increased by 29.81%, rising from N397.18 in September 2022 to N515.59 in September 2023.

On a month-to-month basis, there was a 0.45% increase. Additionally, the year-on-year average price of 1kg of yam tubers surged by 45.11%, climbing from N409.23 in September 2022 to N593.83 in September 2023. On a month-to-month basis, there was a 3.03% increase from N576.39 in August 2023.

Tomato

The average price of tomatoes in September 2023 was N565.65. On a year-on-year basis, the price increased by 27.09% from N445.12 in September 2022.

Every month, the average price of 1kg of tomato increased from N554.37 in August 2023 to N565.65 in September 2023 representing an increase of 2.04%.

Yam

The average price of yams increased by 45.11% on a year-on-year basis from N409.23 per kg in September 2022 to N593.23 in September 2023.

Between August and September 2023, the average price per kg increased by 3.03% from N576.39 to 593.93.

 

 

 

 

 

 


Download Nairametrics App for breaking news and market intelligence.