Food Prices Increase, Local Rise Jump 63% – Report
Nigeria recorded an increase in food prices, the National Bureau of Statistics (NBS) said in a report, noting that prices of beef, tomatoes, beans, garri, yam and other food items increased in August.
It made the declaration in its Selected Food Prices Watch report for August 2023 issued in Abuja.
The report stated that while the average price of 1kg of boneless beef was N2,141.18 in August 2022, it increased by 30.75 per cent to N2,799.51 in August 2023.
“On a month-on-month basis, 1kg of boneless beef increased by 1.50 per cent in August from the N2,758.13 recorded in July 2023,’’ the report stated.
It added that the average price of 1kg of local rice increased by 62.68 per cent on a year-on-year basis, from N454.10 in August 2022 to N738.74 in August 2023.
On a month-on-month basis, 1kg of local rice increased by 13.04 per cent from the N653.49 recorded in July 2023. It stated that the average price of 1kg of brown beans increased by 27 per cent on a year-on-year basis from N545.61 in August 2022 to N692.95 in August 2023.
“On a month-on-month basis, the price increased by 3.88 per cent from the N673.53 recorded in July 2023 to N692.95 in August,’’ it added. The NBS reported that the average price of 1kg of onion bulb rose by 30.54 per cent on a year-on-year basis from N393.22 in August 2022 to N513.29 in August 2023.
“On a month-on-month basis, the price increased by 2.10 per cent from the N502.73 recorded in July to N513.29 in August 2023,’’ it stated.
The report added that the average price of 1kg of yam tuber increased by 42.80 per cent on a year-on-year basis from N403.65 in August 2022 to N576.39 in August 2023. On a month-on-month basis, 1kg of yam tuber increased by 6.86 per cent from N539.41 in July to N576.39 in August 2023.
It stated that the average price of 1 litre of palm oil increased by 38.13 per cent on a year-on-year basis, from N896.63 in August 2022 to N1,238.56 in August 2023. On a month-on-month basis, it rose by 2.48 per cent from the N1,208.62 recorded in July to N1,238.56 recorded in August 2023.
The average price of garri increased by 49.16 per cent on a year-on-year basis, from N305.92 in August 2022 to N456.32 in August 2023, the NBS stated. On a month-on-month basis, the price increased by 6.15 per cent from the N429.89 recorded in July to N456.32 recorded in August 2023.
The state profile analysis showed that the highest average price of 1kg of boneless beef was recorded in Anambra at N3,790.02, while the lowest price was in Kogi at N1,835.71.
It stated that Ondo recorded the highest average price of 1kg of local rice at N903.26, while the lowest was recorded in Benue at N529.72.
The NBS stated that the highest average price of 1kg of brown beans was recorded in Imo at N1,087.14, while the lowest price was recorded in Kogi at N480.34. In addition, the average price of 1kg of onion bulb was recorded in Lagos at N847.83, while the lowest was in Kano state at N300.46.
The report stated that Akwa Ibom recorded the highest average price of 1kg of yam tuber at N1,030.71, while Adamawa recorded the lowest price at N328.71.
It said that Ogun recorded the highest average price of 1 litre of palm oil at N1,525.49, while Kwara recorded the lowest price at N920.
The NBS reported also that the highest average price of 1kg of garri was recorded in Cross River at N574.32, while the lowest price was recorded in Kwara at N336.64.
Analysis by zone showed that the average price of 1kg of boneless beef was highest in the Southeast at N2,234.60.
This is followed by the South-South at N2,312.05, while the lowest price was recorded in the North-Central at N1960.65.
The Southeast and South-South recorded the highest average price of 1kg of local rice at N887.13 and N809.15, respectively, while the lowest price was in the North-Central at N612.78.
The report stated that the Southeast recorded the highest average price of 1kg of brown beans at N945.63, followed by the Southwest at N750, while the North-Central recorded the lowest price at N567.67.
It added that the Southeast and South-South recorded the highest average price of 1kg of onion bulb at N712.01 and N699.47, respectively, while the lowest was recorded in the Northeast at N355.56.
Southwest recorded the highest average price of 1kg of yam tuber at N766.48, followed by the South-South at N721.37, while the lowest price was recorded in the North-East at N361.21.
It reported that the North-Central recorded the highest average price of 1 litre of palm oil at N1,335.56, followed by the North-East at N1,297.21, while the lowest was recorded in the Southwest at N920.
The report added that the Southeast recorded the highest average price of 1kg garri at N543.35, followed by the South-South at N506.60. “The North-Central recorded the lowest price of garri at N389.77,’’ the NBS stated. Naira Devaluation Deepens Economic Crisis in Nigeria
