According to data from the National Bureau of Statistics (NBS), the average prices of rice, garri, and beef experienced a 27.4 percent increases in March, the highest among selected food prices for the period. The average price of 1kg of local parboiled rice soared to N1,340.7 in March from N530.08 in the same period of 2023, representing a staggering 153 percent rise in price.
The NBS report further revealed state-specific variations in rice prices, with Niger recording the highest price of N1,700 per kg and Benue state recording the lowest at N986. Garri, a staple for low and middle-income households, witnessed a substantial surge of 112.3 percent year-on-year, reaching N1,554 per kg in March from N353.16 in March 2023. Similarly, the average price of 1kg of boneless beef increased by 17.9 percent from N3,655 to N4,309 in March, with a significant 74 percent rise compared to the same period last year.
Additionally, the average price of 1kg of brown beans and other food items such as vegetable oil, palm oil, eggs, tomato, and yam also experienced notable increases in March.
Source: Business Day