The typical costs of rice, garri and beef increased 27.4 percent in March, the most amongst picked food rates for the duration, information from the National Bureau of Statistics (NBS) programs.
The NBS Selected Food Price Watch report programs that the typical cost of 1kg regional parboiled rice increased to N1,340.7 in March from N530.08 in the exact same duration of 2023, suggesting a 153 percent increase in cost.
On a state basis, the report specified that Niger taped the greatest cost of a kg regional parboiled rice at N1,700, while the most affordable was tape-recorded in Benue state at N986.
The typical cost of garri– the most taken in staple by low and middle earnings rose 112.3 percent from N353.16 in March 2023 to N1,554 in the matching month in 2024. On a month-on-month basis, it rose 5.2 percent from N1,477 in February to N1,554 in March.
The chosen food rate report reveals that the typical rates of food products such as grease, beans, palm oil, eggs, tomato and yam, increased significantly in March, speeding up food inflation to 40 percent in March.
The typical rate of 1kg beef boneless increased 17.9 percent from N3,655 last month to N4,309 in March.
It increased 74 percent year-on-year from N2,480 in the exact same duration in 2015. The typical rate of 1kg of brown beans (offered loose) increased 4.79 percent from N1,178 in February to N1,234 in March. On a year-on-year basis, the product increased 107 percent compared to the exact same duration in 2023.
In addition, the typical cost of 1kg of yam root increased 141.25 percent year-on-year from N443.02 the previous year to N1,069 On a month-on-month basis, it increased 5.87 percent from N1,010 last month to N1,068.
“Analysis by zone revealed that the typical cost of 1kg regional rice offered loose was greatest in the south-west at N1,526.95, followed by the south-south at N1,470, while the north-west tape-recorded the most affordable typical cost at N1,104.96,” the report included.
The south-east tape-recorded the greatest typical cost of 1kg of brown beans (offered loose) at N1,466, followed by the south-south at N1,460, while the most affordable was tape-recorded in the north-west with N863.
The south-west and the south-east tape-recorded the greatest typical rate of 1kg of garri white at N895 and N836, respectively, while the most affordable was tape-recorded in the north-west with N618.
The greatest typical rate of 1kg of beef boneless, was tape-recorded in Kwara at N5,500 while the most affordable was taped in Benue State at N3,400.
Ogun state tape-recorded the greatest typical cost of 1kg of garri white at N1,021, while the most affordable was reported in Benue at N491.