Business News

Rice prices increase by almost 100% in one year, most expensive in Abuja -NBS

The price of rice increased by 98.47% between January 2023 and January 2024 according to the latest NBS food price survey.

According to the report, residents of Abuja saw the steepest rise in the price of the commodity paying around N1,350 for 1kg loose rice.

The price of 1kg of boneless beef saw a 37.08% annual increase, rising from N2,418.91 in January 2023 to N3,315.78 in January 2024, with a 5.37% increase from December 2023’s N3,146.94. Similarly, 1kg of loose brown beans experienced a 64.42% year-on-year price surge, going from N593.96 in January 2023 to N976.58 in January 2024, and a 12.16% monthly rise from N870.67 in December 2023.

The highest average price for 1kg of boneless beef reached N4,000 in Abuja, with the lowest found in Gombe State at N2,639. For 1kg of loose brown beans, Akwa-Ibom State reported the highest average price at N1,466.67, and the lowest was observed in Adamawa at N677.23.

The average cost of 1kg onion bulb surged by 97.38% annually, from N446.44 in January 2023 to N881.20 in January 2024, alongside a 9.33% monthly decrease.

Similarly, the average price of 1kg of tomato witnessed an 80.98% annual increase, moving from N467.04 in January 2023 to N845.26 in January 2024, with a monthly growth of 3.82% from N814.16 in December 2023.

Rivers state noted the highest average cost for 1kg of onion bulb at N1,454.09, with Zamfara reporting the lowest at N435.71. For 1kg of tomato, Delta registered the highest average price at N1,474.79, while Kano observed the lowest at N422.7.

The average price of one tuber of yam increased year-on-year by 109.09% from N431.36 to N901.94. Between December 2023 and January 2024, the price of yam increased by 10.14% from N818.92 to the current figure.

The average cost of one bottle of palm oil for January 2024 stood at N1456.72 representing a 39.53% increase from the N1044.04 it sold for in January 2023.