Many Nigerian households have been plunged into a worrying state, as food prices like that of rice, beans, yam, and soup ingredients such as onions and tomatoes increased by 100% in some instances between October and now.
BizWatch Nigeria obtained data from the National Bureau of Statistics (NBS), which revealed that the average price of one kilogram onion bulb on a year-on-year basis rose by 32.56% from the value recorded in October 2021 (N306.07) to N405.72.
The NBS food prices data also showed that on a month-on-month basis, it increased to N405.72 in October from N397.18 in September, indicating a 2.15% rise.
The report stated that the average price of 1kg rice (local sold loose) increased on a year-on-year basis by 17.45% from N415.03 in October 2021 to N487.47 in the corresponding period of the current year.
“Selected food price watch for October 2022 shows that the average price of 1kg onion bulb on a year-on-year basis rose by 32.56% from the value recorded in October 2021 (N306.07) to N405.72 in October 2022.
On a month-on-month basis, it increased to N405.72 in October 2022 from N397.18 in September 2022, indicating a 2.15% increase. The average price of 1kg rice (local sold loose) increased on a year-on-year basis by 17.45% from N415.03 in October 2021 to N487.47 in October 2022. On a month-on-month basis, the average price of this item increased by 3.40% in October 2022.
“The average price of 1kg of tomato rose on a year-on-year basis by 30.79% from N347.47 in October 2021 to N454.46 in October 2022. Also, on a month-on-month basis, it increases to 2.10% from N445.12 in September 2022. Similarly, the average price of 1kg bean (sold loose) rose by 17.95% on a year-on-year basis from N478.76 in October 2021 to N564.69 in October 2022,” the report added.
The data also revealed that there is a 33.22% increase in the price of a bottle of palm oil within the period under review.
