The report, titled Selected Food Prices Watch, showed alarming price increases for essential food items in September 2024, prompting growing concerns over the country’s inflation crisis.
Among the most dramatic increases, the price of brown beans surged by 281.97% year-on-year, leaping from ₦716.97 per kilogram in September 2023 to an eye-watering ₦2,738.59 by September 2024. This staggering rise has further burdened household budgets across the country.
Egg prices also soared, with the cost of a dozen medium-sized Agric eggs climbing 137.43% from ₦1,047.47 to ₦2,487.04 within a year.
The report highlighted, “The average price of sliced bread recorded a 115.74% rise from N708.36 to N1,528.19 year-on-year.”
The month-on-month trend also showed continued inflation, with brown beans seeing a 6.37% price hike and eggs increasing by 8.46% from their August prices.
Staples such as rice and beef were not spared from the price surge. The price of local rice rose by 152.92%, reaching ₦1,914.77 per kilogram from ₦757.06 in 2023.
Meanwhile, 1kg of boneless beef nearly doubled, jumping by 99.99% from N2,816.91 to N5,633.60.
Consumers are struggling to cope as inflation continues to pressure household budgets. Experts warn that these sharp increases could worsen if immediate action is not taken to address the underlying factors driving food costs.
