Average price of 1kg beans brown rise by 271.55% in August, says report

A report by National Bureau of Statistics (NBS) revealed that that the average price of 1kg beans brown (sold loose) stood at N2,574.63 in August 2024, a 271.55per cent increase  in price on a year-on-year basis from N692.95 recorded in August 2023 and a 5.31 per cent rise in price on a month-on-month basis from N2,444.81 in July 2024.

The NBS’s selected food price watch revealed that agric eggs medium size (12 piece) experienced significant price increases year on year by 121.92 per cent from N1,031.55 in August of last year (2023) to N2,289.19 in August 2024.

According to the report, on a month-on-month basis, the average price of this item rose by 5.48 per cent from N 2,170.17 in July 2024.

“There was also a notable price increase of bread (sliced) by 113.16per  cent on a year-on-year basis from N684.85 in August 2023 to N1,459.85 in August 2024. On a month-on-month basis, it increased by 2.28 per cent from N 1,427.25 in July 2024. On the other hand, tomato 1kg declined by 11.07 per cent month-on-month from N1,693.83 in July 2024 to N1,506.35.

“Furthermore, the average price of 1kg Local rice sold loose went up by 148.41 per cent on a year-on-year basis from N 737.11 in August 2023 to N1,831.05 in August 2024, while there was an increase of 3.65 per cent on a month-on-month basis.

“Also, the average price of 1kg of Yam tuber increased by 188.31per cent on a year-on-year basis from N576.39 in August 2023 to N1,661.80 in July 2024. On a month-on-month basis, it decreased by -7.82per cent from N1,802.84 in July 2024.”

The report stated that the highest average price of 1kg of Bean Brown (sold loose) was recorded in Akwa Ibom at N3,276.79 while the lowest was in Adamawa state at N1,710.92.

“The highest average price of Agric eggs medium size (12 piece) was recorded in Niger State at N2,996.92 while the lowest was in Jigawa State at N1,786.01.

“Regarding the average price of bread (sliced), Rivers state recorded the highest price at N1,850, while Yobe recorded the lowest price at N908.81. Kogi recorded the highest average price of 1kg local Rice (sold loose) at N2,680.29, while the lowest was reported in Benue at N1,206.84.

“Also, analysis by zone showed that the average price of Bean Brown (sold loose) was highest in the South South at N3,165.11, followed by the Northcentral at N2,900.86, while the Northwest recorded the lowest average price at N1,982.78.

“The average price of Agric eggs medium size (12 piece) was highest in the Northcentral and the Southeast at N2,789.15 and N2,438.06, respectively, while the lowest was recorded in the North-West at N1,963.65.

“The South-south recorded the highest average price of bread (sliced) at N1,785.56, followed by the southeast at N1,635.73, while the lowest was recorded in the North-east at N1,163.78.

“The Southwest and the southsouth recorded the highest average price of 1kg of local rice (sold loose) at N1,960.87 and N1,886.32, respectively, while the lowest was recorded in the Northwest at N1,591.21.”