Beans prices increase by over 270% as Nigerians pay more for food items

Beans prices increase by over 270% as Nigerians pay more for food items, The NBS said this in its Selected Food Prices Watch report for August 2024 released in Abuja on Wednesday.

The report said that the average price of 1kg of brown beans increased by 271.55 per cent from ₦692.95 recorded in August 2023 to ₦2,574.63 in August 2024.

“On a month-on-month basis, 1kg of brown beans increased by 5.31 per cent in August from the ₦2,444.81 recorded in July 2024.”

It said that the average price of medium-sized Agric eggs (12 pieces) increased by 121.92 per cent on a year-on-year basis from ₦1,031.55 recorded in August 2023 to ₦2,289.19 in August 2024.

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“On a month-on-month basis, the eggs increased by 5.48 per cent from the ₦2,170.17 recorded in July 2024.”

The report said that the average price of sliced bread increased by 113.16 per cent on a year-on-year basis from N684.85 in August 2023 to ₦1,459.85 in August 2024.

“On a month-on-month basis, the price increased by 2.28 per cent from the ₦1,427.25 recorded in July 2024.”

In addition, the average price of 1kg of local rice rose by 148.41 per cent on a year-on-year basis from ₦737.11 recorded in August 2023 to ₦1,831.05 in August 2024

“On a month-on-month basis, it increased by 3.65 per cent from ₦1,766.64 recorded in July 2024.”

Also, the report said that the average price of 1kg of a tuber of yam increased by 188.31 per cent on a year-on-year basis from ₦576.39 in August 2023 to ₦1,661.80 in August 2024.

“However, on a month-on-month basis, the price decreased by -7.82 per cent from the ₦1,802.84 recorded in July 2024.”

The NBS said the average price of 1kg of tomato also increased on a year-on-year basis by 171.72 per cent from ₦554.37 recorded in August 2023 to ₦1,506.35 in August 2024.

“However, on a month-on-month basis, the average price of 1kg of tomato declined by 11.07 per cent from ₦1,693.83 in July 2024 to ₦1,506.35 in August .”

On state profile analysis, the report showed that in August 2024, the highest average price of 1kg of brown beans was recorded in Akwa Ibom at ₦3,276.79, while the lowest was recorded in Adamawa at ₦1,710.92.

It said that Niger recorded the highest average price of medium size Agric eggs (12 pieces) at ₦2,996.92, while the lowest was in Jigawa at ₦1,786.01.

The NBS said that the highest average price of sliced bread was recorded in Rivers at ₦1,850, while the lowest price was recorded in Yobe at ₦908.81.

According to the report, Kogi recorded the highest average price of 1kg local rice (sold loose) at ₦2,680.29, while the lowest was reported in Benue at ₦1,206.84.

The report said the highest price of 1kg of tomato was recorded in Abuja at ₦2,2206.31, while the lowest price was recorded in Kaduna at ₦734.94.

Analysis by zone showed that the average price of 1kg of brown beans was highest in the South-South at ₦3,165.11, followed by the North-Central at ₦2,900.86.

“The lowest price was recorded in the North-West at ₦1,982.78.”

The North-Central and South-East recorded the highest average price of medium-sized agricultural eggs(12 pieces) at ₦2,789.15 and ₦2,438.06, respectively, while the lowest price was in the North-West at ₦1,963.65.

The report said that the South-South recorded the highest average price of sliced bread at ₦1,785.56, followed by the South-East at ₦1,635.73, while the North-East recorded the lowest price at ₦1,163.78.

The NBS said also that the South-West and the South-South recorded the highest average price of 1kg of local rice (sold loose) at ₦1,960.87 and ₦1,886.32 respectively.

“The North-West recorded the lowest price of 1kg of local rice (sold loose) at N1,591.21.”

The News Agency of Nigeria (NAN) reports that in July, the Federal Government in a bid to address the incessant increase in food prices and ensure food security granted a 150-day duty-free import window for some food commodities.

The suspended duty tariffs and taxes will be on the importation of certain food items across the land and sea borders which include maize, cowpeas, wheat, and husked brown rice.

However, experts have suggested more sustainable measures such as addressing the issue of insecurity, foreign exchange and transportation costs to address the soaring food prices and ensure food security.