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The latest food price watch data from the National Bureau of Statistics (NBS) indicated a continued rise in the cost of staple foods such as rice, beans and beef, which had a significant impact on the cost of living for Nigerian consumers in the year 2023.
According to data from NBS, the selected food prices for the last quarter of 2023 shows that the average price of 1kg of local rice stood at N867.18. This indicates a rise of 73.16% in price on a year-on-year basis from N500.80 recorded in November 2022 and 5.83% rise in price on a month-on-month basis from N819.42 in October 2023.
In the same vein, the average price of 1kg of boneless beef increased by 29.61% on a year-on-year basis from N2,337.46 in November 2022, to N3,029.50 in November 2023. On a month-on-month basis, the average price of this item increased by 2.76% from N2,948.03 in October 2023.
Similarly, the average price of 1kg of brown beans rose by 44.99% on a year-on-year basis from N578.55 in November 2022 to N838.85 in November 2023. On a month-on-month basis, it increased by 6.18% from N790.01 in October 2023.
Inflation has been a growing concern in the country, and rising food prices are likely to contribute to further inflationary pressure.
Experts believe with a large percentage of household budgets spent on food, many families may find it difficult to cope with the increased costs, leading to cutbacks in other areas of spendings.
