NBS Reveals Drastic Yearly Surge in Food Prices, Highlighting 81% Rise in Rice and 123% Increase in Onions

NBS Reveals Drastic Yearly Surge in Food Prices, Highlighting 81% Rise in Rice and 123% Increase in Onions

Food Price Surge Revealed by NBS:

The National Bureau of Statistics (NBS) has disclosed a significant increase in the price of essential food items, painting a concerning picture of economic challenges for consumers.

According to the NBS’s Selected Food Price Watch for December 2023, the cost of 1 kilogram (Kg) of rice witnessed a staggering year-on-year (YoY) surge of 81%, reaching N917.93 compared to N506.17 in December 2022.

Selected Food Price Watch Highlights:

The NBS, in its comprehensive report on Wednesday, January 24, detailed the escalating prices of various food staples, shedding light on the economic strain faced by households across the country.

Brown Beans and Onions Soar:

The average price of 1kg of brown beans, sold in loose form, experienced a sharp YoY increase of 48.5%, reaching N870.67 in December 2023 compared to N586.14 in the same period of 2022.

Furthermore, the price of 1kg of onion bulb witnessed an even more substantial surge, rising by 122.9% YoY to N971.86 in December 2023 from N435.93 in December 2022.

Tomato Prices on the Rise:

Adding to the woes, the NBS report highlighted a considerable uptick in the average price of 1kg of tomatoes, registering a YoY increase of 77.6%.

In December 2023, the price reached N814.16, up from N458.42 in December 2022.

Economic Impact on Households:

The revealed surge in food prices, especially staples like rice, onions, and beans, underscores the economic challenges faced by Nigerian households.

With these substantial year-on-year increases, consumers are grappling with heightened financial burdens, reflecting the broader impact of inflation on essential commodities.

Consumer Budgets Under Pressure:

As the NBS report brings attention to the drastic rise in food costs, consumers are now contending with the implications on their household budgets.

The notable escalation in prices, notably the 81% increase in rice and the 123% surge in onions, amplifies the economic pressure on individuals and families nationwide.

Wider Economic Implications:

The economic shockwave reflected in the NBS data extends beyond individual households, impacting the broader economic landscape.

Policymakers and economists will closely monitor these trends as they consider strategies to address inflation and ensure sustainable economic stability.

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