In a recent report, the National Bureau of Statistics (NBS) has unveiled alarming increases in the average prices of essential food items, pointing to a concerning trend in the cost of living. According to the Selected Food Price Watch report for December 2023, released by the NBS on Wednesday, significant surges have been observed in the prices of key food staples.
The report reveals that the average price of 1kg of local rice has experienced a substantial 81.35% year-on-year increase, reaching N917.93 in December 2023. This reflects a significant uptick of N411.76 compared to the corresponding price of N506.17 recorded in December 2022.
Furthermore, the NBS discloses that the average price of 1kg of tomatoes has risen by 77.60% on a year-on-year basis, climbing from N458.42 in December 2022 to N814.16 in December 2023. Additionally, beans brown (sold loose) saw a year-on-year increase of 48.54%, escalating from N586.14 in December 2022 to N870.67 in December 2023.
The price surge extends to beef boneless, which experienced a 32.38% year-on-year increase from N2,377.29 in December 2022 to N3,146.94 in December 2023. On a month-on-month basis, the average price of this item increased by 3.88% from N3,029.50 in November 2023.
The report also highlights a staggering 122.94% year-on-year surge in the average price of 1kg of onion bulb, soaring from N435.93 in December 2022 to N971.86 in December 2023. Additionally, there was a notable increase of 42.13% on a month-on-month basis.
These revelations underscore growing concerns about the economic impact on households, prompting a closer examination of the factors contributing to the escalating prices of these crucial food commodities.
