A typical Nigerian household may find it difficult to purchase a 1-kilogram bag of rice
when the holiday season draws near because of its growing price.
The average price of one kilogram of locally marketed rice rose by 60.59 percent in the last
year, from N471.42 in September 2022 to N757.06 in September 2023, according to data
from the National Bureau of Statistics (NBS).
The NBS revealed yesterday in its Selected Food Prices Watch for September 2023 that the
average price of rice grew by 2.48 percent from N738.74 in August 2023 to N738.74 in
September 2023 on a month-over-month basis.
According to the research, the average cost of one kilogram of boneless beef was N2,
816.91. This showed that prices had increased by 28.08 percent year over year from N2, 199.37 in
September 2022 and by 0.62 percent month over month from N2,799.51 in August 2023.
In September 2023, the price of one kilogram of loose brown beans increased by 28.76
percent compared to the same month the previous year, from N556.81 to N716.97. It grew
by 3.47 percent month over month from N692.95 in August 2023.
According to previous NBS data, food inflation in September 2023 was 30.64 percent. In
related news, NBS reports that the average fare paid by commuters for bus trips inside the
city per drop grew by 117.29% from N615.69 in September 2022 to N1, 337.80 in
September 2023 in its Transport Fare Watch for September 2023.
The fare went up by 0.11 percent month over month from N1, 336.38 in August. In a different
category, commuters paid an average fare of N3,790.06 in September 2022 for an interstate
bus trip, an increase of 56.12%. However, from N5, 918.18 in August 2023 to N5, 917.16 in
September 2023, it decreased by 0.02 percent on a monthly basis.
According to the research, “Year over year, the fare In September 2023, the average fare
paid by passengers for a single voyage on designated routes was N79, 013.48. This amount
did not significantly differ from the fare paid the month before. Nonetheless, the tickets
increased by 8.70% year over year from N72,690.54 in September 2022.”
