Business News

Food prices surge in Nigeria as rice up by 62.68%, beef by 30.75% in August 2023 – NBS

In August 2023, the NBS Food Price Watch report shows that there was a continuous increase in food prices for the month.

For example, the average price for 1kg of Rice locally sold loose in August 2023 according to the report was N738.74.

This reflects a substantial 62.68% year-on-year increase from August 2022 (N454.10). On a month-on-month basis, there was a 13.04% increase from July 2023 (N653.49).

Other food items included in the report are;

The North-Central recorded the highest average price for 1 bottle of Vegetable oil (N1,335.56), followed by the North-East (N1,297.21), and the South-West had the lowest (N920.00).