Despite a significant decrease in the cost of several food items, the prices of essential commodities like rice, beans, eggs, and bread continue to climb, according to the latest report from the Nigerian Bureau of Statistics (NBS).

In its August 2024 “Selected Food Price Watch” report, the NBS revealed that these staple foods experienced monthly price hikes ranging from 2.5% to 5.5%. Specifically, the price of 1kg of brown beans (sold loose) saw a 5.31% increase, rising from N2,444.81 in July to N2,574.63 in August. The cost of a dozen medium-sized eggs surged by 5.48%, reaching N2,289.19 from N2,170.17, while the price of sliced bread went up by 2.28% to N1,459.85 from N1,427.25. Local rice (1kg) recorded a 3.65% jump, now priced at N1,831.05, up from N1,766.64.

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On a year-on-year basis, prices for these food items have more than doubled. The report also highlighted regional disparities. For instance, Akwa Ibom posted the highest average price for 1kg of brown beans at N3,276.79, while Adamawa had the lowest at N1,710.92. Niger State led with the highest price for eggs at N2,996.92, compared to Jigawa’s N1,786.01. Sliced bread was most expensive in Rivers State at N1,850, whereas Yobe offered the lowest price at N908.81. Kogi State topped the list for local rice prices, with 1kg costing N2,680.29, while Benue had the lowest at N1,206.84.

In contrast, prices for other staples like tomatoes and yams have dropped. The average price of 1kg of tomatoes fell by 11.07%, landing at N1,506.35, while yams experienced a 7.8% reduction, with 1kg priced at N1,661.80 in August.