NBS: Prices of Basic Food Items Rise by 140%
The National Bureau of Statistics (NBS) reported a significant increase in the prices of five basic food items in April 2024, showing a 140.4% year-on-year (YoY) rise. The food items include local rice, white garri, tomatoes, brown beans, and yam.
Key Points from the NBS Report:
- Local Rice:
- Average price for 1kg in April 2024: N1,399.34
- YoY increase: 155.93% (from N546.76 in April 2023)
- Month-on-month (MoM) increase: 3.47% (from N1,340.74 in March 2024)
- White Garri:
- Average price for 1kg in April 2024: N851.81
- YoY increase: 134.98% (from N362.50 in April 2023)
- MoM increase: 13.59% (from N749.89 in March 2024)
- Tomatoes:
- Average price for 1kg in April 2024: N1,123.41
- YoY increase: 131.58% (from N485.10 in April 2023)
- MoM increase: 17.06% (from N959.68 in March 2024)
- Brown Beans:
- Average price for 1kg in April 2024: N1,387.90
- YoY increase: 125.43% (from N615.67 in April 2023)
- MoM increase: 12.44%
- Yam Tuber:
- Average price for 1kg in April 2024: N1,130.37
- YoY increase: 154.19% (from N444.69 in April 2023)
- MoM increase: 5.76% (from N1,068.78 in March 2024)
The report highlights the continuous rise in food prices, indicating substantial inflationary pressures on essential commodities in Nigeria. The NBS figures underline the growing cost of living challenges faced by consumers due to rising food prices.
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