See new why butchers increase price of cow leg by 117.5% in one year

• The cost of buying a cow leg has increased again new data from Financial Derivatives Company, Limited
• The price increase the report shows is driven by high demand and rising transportation costs and other
• Experts, including Bismarck Rewane and Terver Kumeka from FDC, call for government investment in infrastructure

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The price of a large piece of cow leg, popularly known as "bokoto," has increased to N8,700 in October 2024.

The new figure represents a 117.5% increase year-on-year compared to N4,000 in October 2023.

Price of meat increase in October Photo credit: Pius Utomi Ekpei
Source: Getty Images

The figure is according to latest commodity update released by theFinancial Derivatives Company, Limited.

In the update, FDC explained that the increase is due to rising transportation expenses.

Bismarck Rewane FDC’s managing director and Manager, Terver Kumeka explained that the rise in cost was also fueled by increased demand for cow leg.

Economic analysts noted that:

"In October, the price of a big piece of cow leg, or bokoto, spiked by 117.5% (yoy) to N8,700, driven by strong demand and rising transportation costs. "Elevated input costs, such as feed and medication, also supported prices upward. To ease price pressures, there is a need for government investment in infrastructure like rail to mitigate transport expenses.

Transportation cost rises

Ealier, Legit.ng reported that the National Bureau of Statistics (NBS) has disclosed that the average fare paid by commuters for bus journeys within cities increased to 3.45% from N869.35 in August 2024 to N899.31 in September 2024.

While on a year-on-year basis, it declined by 32.38% from N1,329.94 in September 2023.

NBS disclosed this in its latest transport fare watch (October 2024), released on its website.

The report also revealed that the average fare paid by commuters for an intercity bus journey per trip was N7,175.06 in September 2024.

This represented an increase of 0.22% on a month-on-month basis compared to N7,159.00 in August 2024.

While on a year-on-year basis, the fare rose by 21.26% from N5,917.16 in September 2023.

Dealers increase the cost of refilling cooking gas again

Legit.ng earlier reported that NBS had revealed that the average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (cooking gas) increased to N6,699.63 in September 2024.

This represents a 4.19% month-on-month increase from N6,430.02 recorded in August 2024 and a 59.90% year-on-year increase from N4,189.96 in September 2023.

NBS stated this in its latest PMS price watch report, published on its website and analysed by Legit.ng.

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Source: Legit.ng