Food Prices Continue to Rise in Nigeria – NBS Report
Nigeria’s food inflation continues to worsen following a weak harvest due to insecurity and lack of substitutes over the government’s tight border management control among other downsides. Post-farming harvest has been poor, according to farmers, and logistic costs also have negative impacts on prices.
In its report for April, the National Bureau of Statistics (NBS), says prices of food items such as tomatoes, beans, and yams witnessed increases in April.
The statistics office made the declaration in its Selected Food Prices Watch Report for April issued in Abuja on Saturday. The report also stated that the average price of 1kg of tomato on a year-on-year basis rose by 13.73 per cent from N426.54 in April 2022 to N485.10 in April 2023.
On a month-on-month basis, NBS report indicated that 1kg of tomato increased by 3.97 per cent in April from the N466.60 recorded in March 2023.
The report also showed the average price of 1kg of brown beans (sold loose) increased by 16.03 per cent on a year-on-year basis, from N530.62 in April 2022 to N615.67 in April 2023.
“On a month-on-month basis, it increased by 3.13 per cent in April from N596.96 in March 2023,’’ the NBS added. It stated also that the average price of 1kg of onion bulb rose by 15.87 per cent on a year-on-year basis, from N380.94 in April 2022 to N441.38 in April 2023.
“On a month-on-month basis, it dropped by 0.67 per cent in April from the N444.37 recorded in March 2023,’’ it stated. The report stated also that the average price of 1kg of Yam rose by 23.12 per cent on a year-on-year basis from N361.20 in April 2022 to N444.69 in April 2023.
“On a month-on-month basis, 1kg tuber of yam increased by 0.38 per cent in April from the N443.02 recorded in March 2023,’’ it added. It stated that the average price of 1kg of boneless beef increased by 23.13 per cent from N2,026.8 in April 2022 to N2,495.69 in April 2023.
“On a month-on-month basis, 1kg of boneless beef increased by 0.65 per cent in April from the N2,479.61 recorded in March 2023,’’ it added. The report explained that at the state level, the highest average price of 1kg boneless beef was recorded in Imo at N3,277.11, while the lowest was recorded in Kogi at N1,789.67.
In addition, the average price of one bottle of vegetable oil rose by 26.34 per cent on a year-on-year basis from N981.16 in April 2022 to N1,239.58 in April 2023. “On a month-on-month basis, it rose by 1.55 per cent in April from N1,220.62 recorded in March 2023,’’ the report stated.
The highest average price of 1kg of Tomato was recorded in Edo at N950.62, while the lowest was recorded in Kogi at N205.26.
The report stated that Ebonyi recorded the highest price of brown beans (sold loose) at N961.74, while Niger recorded the lowest price at N428.57.
It showed that Cross River recorded the highest average price of 1kg of onion bulb at N987.39, while the lowest price was recorded in Katsina State at N163.33.
The report added that the highest average price of 1kg of Yam tuber was recorded in Akwa Ibom at N920.15, while the lowest was recorded in Benue at N200.37.
Also, Abia recorded the highest average price of one bottle of vegetable oil at N1,694.74, while Kogi recorded the lowest at N735.33.
Analysis by zone showed that the average price of 1kg of boneless Beef was highest in the Southeast at N3,223.05, followed by the South-South at N2,673.33, while the North-Central recorded the lowest at N2,133.46.
It stated that the average price of 1kg of tomato was highest in the South-South and South-East at N849.02 and N647.96 respectively, while the lowest price was recorded in the North-East at N256.13.
The Southeast recorded the highest average price of 1kg of brown beans (sold loose) at N834.55, followed by the South-South at N699.76. The lowest price was recorded in the North-East at N496.78, according to the Bureau. #Food Prices Continue to Rise in Nigeria – NBS Report
Nigerian Treasury Bills Yield Rises to 7%
