Rice, Beans, Egg, Bread Defy Price Declines — NBS

At the backdrop of significant reductions recorded in the prices of some food commodities since last month, the prices of local rice, beans, egg and bread have remained on steady increases.

The Nigerian Bureau of Statistics, NBS, in its report titled, “Selected Food Price Watch for August 2024” released yesterday, said, the commodities recorded between 2.5 and 5.5 percent price rises in the month of August.

The report stated: “The average price of 1kg beans brown (sold loose) stood at N2,574.63. This indicates a 5.31 percent rise in price on a Month-on-Month, MoM, basis from N2,444.81 in July 2024.

“On a MoM basis, the average price of Agric eggs medium size (12 piece) rose by 5.48 percent to N2,289.19 from N 2,170.17 in July 2024.

“On a MoM basis, bread (sliced) increased by 2.28 percent to N1,459.85 from N 1,427.25 in July 2024. Furthermore, the average price of 1kg Local rice sold loose went up by 3.65 percent to N1,831.05 in August 224 from N1,766.64 in July 2024 on a MoM basis.”

According to the Bureau, the prices of these food items increased by over 100 percent year-on-year.

It added: “The state profile analysis in August 2024 reveals that the highest average price of 1kg of Beans Brown (sold loose) was recorded in Akwa Ibom at N3,276.79 while the lowest was in Adamawa state at N1,710.92. The highest average price of Agric eggs medium size (12 piece) was recorded in Niger State at N2,996.92 while the lowest was in Jigawa State at N1,786.01.

“Regarding the average price of bread (sliced), Rivers state recorded the highest price at N1,850, while Yobe recorded the lowest price at N908.81. Kogi recorded the highest average price of 1kg local Rice (sold loose) at N2,680.29, while the lowest was reported in Benue at N1,206.84.”

However, the Bureau also said the prices of tomatoes and yam declined MoM in August when compared to that of the previous month.

The NBS said that the price of tomato 1kg declined by 11.07 percent MoM to N1,506.35 from N1,693.83 in July 2024.

It added that the price of 1kg of yam tuber decreased by 7.8 percent to N1,661.80 from N1,802.84 in July 2024.