HomeBusiness & EconomyFood Prices Surge By 31% - NBS

Food Prices Surge By 31% – NBS

Food prices have increased by 31 per cent within 12 months from July 2022 to July 2023 as Ebonyi and Abia states are the two South-Eastern states which recorded the highest food prices.

This development was revealed after the release of an analysis of the ‘Selected Food Price Watch,’ which is a report published on a monthly basis by the National Bureau of Statistics, The Punch reports.

Rice(1kg), beans(1kg), bread (500g), tomatoes, beef, wheat (2kg), garri (1kg) and palm oil (1 bottle), were the selected food items mentioned.

It was also reported that highest food price increase was recorded in the price of yam, which surged by 42 per cent, from N389.75 in July 2022 20 N539.41 in 2023, followed by the price of one kilogram of rice, which increased from N467.80 to N653.49 within 12 months.

During the period in review, the increase also affected the price of palm oil as the item went up by 35 per cent, from N890.67 to N1208.62

Others are: Garri (1kg), which increased by 33 per cent, from N323.17 to N429.89. 500g of sliced bread also increased from N486.27 to N651.78 (+34 per cent). 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.

During the twelve-month period, further analysis of the report revealed that South-Eastern states, led by Abia and Ebonyi recorded the highest food prices

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 per cent, was the primary factor which pushed headline inflation from 24.08 in July to 25.80 in August.

“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,’’  the NBS said.



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