beans

Food prices have continued to increase unabated which has eroded the disposable income of an average Nigerian household. Selected Food Price Watch for July 2024 released recently by the Nigerian Bureau of Statistics, NBS shows that food prices in Nigeria increased averagely by 165.75% year-on-year from July 2023 to July 2024

The report states the average price of 1kg beans brown (sold loose) stood at N2,444.81. This indicates a rise of 262.98% in price on a year-on-year basis from N673.53 recorded in July 2023 and a 6.63% rise in price on a month-on-month basis from N2,292.76 in June 2024.

Agric eggs medium size (12 piece) experienced significant price increases year on year by 47.996% from N1,006.64 in July of last year (2023) to N 1,935.69 in June 2024. On a month-on-month basis, the average price of this item rose by 12.11% from N 1,935.69 in June 2024. There was also a notable price increase of Tomato 1kg by 203.57% on a year-on year basis from N557.96 in July 2023 to N1,693.83 in July 2024. On a month-on-month basis, it decreased by -26.43% from N 2,302.26 in June 2024. This month-on-month decline is attributable to seasonal harvest.

Furthermore, the average price of 1kg Garri white sold loose went up by 167.98% on a year-on year basis from N 429.89 in July 2023 to N 1,151.79 in July 2024, while there was an increase of 1.43% on a month-on-month basis. Also, the average price of 1kg of Yam tuber increased by 234.23% on a year-on-year basis from N 539.41 in July 2023 to N 1,802.84 in July 2024. On a month-on-month basis, it decreased by -10.82% from N 2,021.55 in June 2024 to N 1,802.84 in July 2024.

Price of Rice locally sold loose, averagely increased by 160.56% year-on-year from N653.49 in July 2023 to N 170.339 July 2024. On month-on-month, the increase is 3.75% from N 1,702.74 in June 2024. mpact of this increase in rice price is felt most by households being a major staple food in Nigeria.

The price of 500g Bread sliced increased from N651.78 in July 2023 to N 1,427.25 in July 2024, an increase of 118.97% year-on-year. On month-on-month, price of bread increased by 3.35% from N1,378.34 in June 2024.

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Wheat flour (prepacked) experienced 129.70% increased year-on-year from N1,419.14 in July 2023 to N3,259.82 in July 2024. On month-on-month basis, wheat increased by 3.23% from N 3,157.75 in June 2024.

The state profile analysis in July 2024 reveals that the highest average price of 1kg of Bean Brown (sold loose) was recorded in Rivers state at N 3,070.96 while the lowest was in Adamawa state at N 1,532.23. The highest average price of 1kg of Tomato was recorded in Osun at N 3,000 while the lowest was in Kaduna State at N761.45. Regarding the average price of 1kg of yam tuber, Kwara state recorded the highest price at N 3,894.08, while Adamawa recorded the lowest price at N742.95. Gombe recorded the highest average price of 1kg Garri white sold loose at N1,624.72, while the lowest was reported in Taraba at N 892.98.

Also, analysis by zone showed that the average price of Bean Brown (sold loose) was highest in the South south at N 3,032.86, followed by the Northcentral at N 2,869.95, while the Northwest recorded the lowest average price at N1,732.71. The average price of 1kg of Tomato was highest in the Southwest and the South-south at N 2,366.67 and N2,070.18, respectively, while the lowest was recorded in the North-West at N 899.27.

The South-west recorded the highest average price of 1kg of Yam tuber at N2,357.02, followed by the south south at N 2,304.25, while the lowest was recorded in the North-east at N 1,018.60. The South-east and the North-East recorded the highest average price of 1kg of Garri White sold loose at N 1,197.59 and N1,194.52, respectively, while the lowest was recorded in the South -South at N1,111.73.