Business and Economy

Food Prices In Nigeria rose in the Month of October 2023

Food prices rose dramatically in October 2023, according to the National Bureau of Statistics’ (NBS) Selected Food Price Watch. In October 2023, the average price of one kilogram of loose rice sold locally went up to N819.42 from 757.06 in September, indicating an 8.24% increase.

The average cost of one kilogram of brown beans (sold loose) increased by 10.19% from N716.97 in September 2023 to N790.01 in October 2023. Similarly, in October 2023, the average cost of one kilogram of boneless beef was N2,948.03. This showed that from N2,816.91 in September 2023, the price increased by 4.65% month over month.

These are everyday staple foods, and the price increase is probably going to cause vulnerable and impoverished households to consume less nutrient-dense food. Stated differently, the increased cost of food strains household budgets, increases food insecurity, and decreases standard of life. To stop the tendency, quick action is therefore needed.

It is necessary to create and put into practice efficient solutions that support Nigeria’s food security and stability. To boost food production and moderate the rate of food price increases, the government should make sure that peace is restored to the country’s crisis-ridden regions, invest in sustainable farming practices, and modernize infrastructure.

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