The National Bureau of Statistics (NBS) reported an increase in food prices in December 2023.

The National Bureau of Statistics (NBS) revealed in its Selected Food Prices Watch report for December 2023 that the average price of 1kg of boneless beef increased by 32.38% from ₦2,377.29 in December 2022 to ₦3,146.94 in December 2023. Additionally, 1kg of local rice experienced a month-on-month increase of 5.85% from ₦867.18 in November 2023. The average price of 1kg of brown beans rose by 48.54% year-on-year from ₦586.14 in December 2022 to ₦870.67 in December 2023.

 

The report highlighted that the average price of 1kg of onion bulb increased by 122.94% year-on-year, rising from ₦435.93 in December 2022 to ₦971.86 in December 2023. On a month-on-month basis, the price surged by 42.13%. Similarly, the average price of 1kg of tomato rose by 77.60% year-on-year, reaching ₦814.16 in December 2023. On a month-on-month basis, tomato prices increased by 7.32%.

 

State profile analysis indicated that the highest average price of 1kg of boneless beef was recorded in Osun at ₦3,981.04, while Gombe had the lowest price at ₦2,600. Abuja recorded the highest average price of 1kg of local rice at ₦1,250, while Zamfara had the lowest at ₦696.55. For brown beans, Akwa Ibom had the highest average price at ₦1,120.92, and Jigawa had the lowest at ₦586.04. The highest average price of 1kg of onion bulb was recorded in Rivers at ₦1,433.13, and Adamawa had the lowest at ₦465.41. In terms of tomato prices, Delta had the highest at ₦1,461.87, and Borno had the lowest at ₦390.05.

 

The analysis by zone indicated that the South-East had the highest average price of 1kg of boneless beef at ₦3,675.24, while the South-West followed at ₦3,586.77. The South-East recorded the highest average price of 1kg of brown beans at ₦1,048.54, followed by the South-West at ₦1,013.35. The South-South had the highest average price of 1kg of onion bulb at ₦1,310.47, while the South-East followed at ₦1,065.83. The South-South also recorded the highest average price of 1kg of tomato at ₦1,327.98, and the South-West followed at ₦1,068.17. The North-West had the lowest prices for both 1kg of tomato at ₦460.64 and 1kg of boneless beef at ₦2,678.74.