Food Prices in Nigeria rose by 31% – NBS
NIGERIA, Sept. 28 – National Bureau of Statistics (NBS) data shows that the prices of major food items in the country has increased by more than 30%, with Ebonyi and Abia states leading the chart within 12 months from July 2022 to July 2023.
This report is according to an analysis of the ‘Selected Food Price Watch,’ as published on monthly basis by the NBS.
The selected food items include staples such as rice(1kg), beans(1kg), bread (500g), tomatoes, beef, wheat (2kg), garri(1kg) and palm oil (1 bottle).
According to the reports, the highest food price increase was recorded in the price of yam, which jumped by 42 per cent, from N389.75 in July 2022 20 N539.41 in 2023.
This was closely followed by the price of one kilogram of rice, which increased from N467.80 to N653.49 within 12 months.
In the same vein, the price of palm oil went up by 35 %, from N890.67 to N1208.62 during the period in review.
Other staple foods which contributed to the food price hike included Garri (1kg), which increased by 33 %, from N323.17 to N429.89. 500g of sliced bread also increased from N486.27 to N651.78 (+34 %).
A kilogram of tomato (N446.81 to N557.96), Wheat (2kg) (N1094.72 to N1419.14), and Beef (N2118.84 to N2758.13), also accounted for some of the staple food items which recorded significant price spikes.
Further analysis of the report showed that South-Eastern states, led by Abia and Ebonyi recorded the highest food prices during the twelve-month period.
On the other hand, states within the North Central (Kogi, Niger, Benue) recorded the lowest food prices during this time.
In its latest Consumer Price Index, a report which measures inflation, the NBS had said food inflation rate in August, which was 29.34 %, was the primary factor which pushed headline inflation from 24.08 in July to 25.80 in August.
The NBS said, “The rise in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, fish, fruit, meat, vegetables and potatoes, yam and other tubers, vegetable, milk, cheese and eggs.
