Food Prices Surge in September 2024, Nigerian Government Confirms

The Nigerian government has reported a significant rise in food prices in September 2024, attributing the increase to inflationary pressures and supply chain disruptions. Find out more about the factors behind this surge.

According to the National Bureau of Statistics (NBS), the Federal Government reported significant price increases for essential food items such as beans, eggs, bread, rice, and tomatoes in September 2024.

The NBS announced this in its Selected Food Prices Watch report for September 2024, published in Abuja on Wednesday.

The report indicated that the average price of 1kg of brown beans surged by 281.97 percent, rising from N716.97 in September 2023 to N2,738.59 in September 2024.

It stated that the average cost of a dozen medium-sized Agric eggs rose by 137.43% year-on-year, from N1,047.47 in September 2023 to N2,487.04 in September 2024.

The bureau reports that the average price of sliced bread rose by 115.74% year-over-year, going from N708.36 in September 2023 to N1,528.19 in September 2024.

Month-over-month, the price of 1kg of brown beans rose by 6.37% in September from the N2,574.63 reported in August 2024.

On a monthly basis, the price of eggs rose by 8.46% from the N2,289.19 recorded in August 2024.

“The report stated that the price rose by 4.68 percent month-on-month from N1,459.85 in August 2024.”

Moreover, the NBS reported that the average price of 1kg of local rice increased by 152.92% year-on-year, rising from N757.06 in September 2023 to N1,914.77 in September 2024.

In a similar vein, it reported that the average cost of 1kg of boneless beef rose by 99.99% year-on-year, from N2,816.91 in September 2023 to N5,633.60 in September 2024.

The NBS reported that the average price of 1 kg of tomatoes rose year-on-year by 152.94 percent, moving from N565.69 in September 2023 to N1,430.87 in September 2024.