Prices Of Food Increase By 31%- NBS

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Food costs in Ebonyi and Abia states increased by 31% in a year, from July 2022 to July 2023. This is according to an examination of the National Bureau of Statistics’ ‘Selected Food Price Watch,’ a monthly publication.

Rice (1kg), beans (1kg), bread (500g), tomatoes, meat, wheat (2kg), garri (1kg), and palm oil (1 bottle) are among the food products chosen. According to sources, the most significant food price increase was reported in the price of yam, which increased by 42% from N389.75 in July 2022 to N539.41 in 2023.

This was quickly followed by an increase in the price of one kilogram of rice, which rose from N467.80 to N653.49 in a year. In the same way, the price of palm oil went up by 35 per cent, 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 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. 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 per cent, 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.

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