Selected Food Price Watch for March 2024 shows that the average price of 1kg Rice local sold loose stood at N1,340.74. This indicates a rise of 152.93% in price on a year-on-year basis from N530.08 recorded in March 2023 and 9.63% rise in price on a month-on-month basis from N1,222.97 in February 2024. The average price of 1kg of Beef boneless increased by 73.78% on a year-on-year basis from N2,479.61 in March of last year (2023) to N4,309.16 in March 2024. On a month-on-month basis, the average price of this item increased by 17.91% from N3,654.56 in February 2024. The average price of 1kg of Beans brown (sold loose) rose by 106.78% on a year-on-year basis from N596.96 in March 2023 to N1234.40 in March 2024. On a month-on-month basis, it increased by 4.79% from N1,177.93 in March 2024.
Similarly, the average price of 1kg of Garri white, sold loose rose by 112.34% on a year-on-year basis from N353.16 in March 2023 to N749.89 in March 2024, while there was an increase of 3.66% on a month-on-month basis. In addition, the average price of 1kg of Yam tuber rose by 141.25% on a year-on-year basis from N443.02 in March 2023 to N1,068.78 in March 2024. On a month-on-month basis, it increased by 5.87% from N1,009.56 in February 2024 to N1,068. in March 2024. The state profile analysis in March 2024 reveals that the highest average price of 1kg of Rice local sold loose was recorded in Niger state at N1,699.98 while the lowest was recorded in Benue state at N985.83.
The highest average price of 1kg of Beef boneless, was recorded in Kwara at N5,500.00 while the lowest was recorded in Benue State at N3,400.22. In terms of the average price of 1kg of Beans brown (sold loose), Ondo state recorded the highest price at N1,596.68, while Sokoto recorded the least price at N745.5. Ogun state recorded the highest average price of 1kg of Garri white at N1021.13, while the lowest was reported in Benue at N490.55. The highest average price of 1kg of Yam tuber was recorded in Edo at N 1,695.13, while the least average price was recorded in Katsina at N723.39.

Data source: National Bureau of Statistics

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