Food prices jump by 31%, says NBS – moneyamebo

Date:

The National Bureau of Statistics disclosed that Ebonyi and Abia states led as food prices jumped by 31 per cent within in 12 months from July 2022 to July 2023.

This is according to an analysis of the ‘Selected Food Price Watch,’ a report published on a monthly basis by the National Bureau of Statistics.

The selected food items include staples such as rice(1kg), beans(1kg), bread (500g), tomatoes, beef, wheat (2kg), garri(1kg) and palm oil (1 bottle).

According to the reports, the highest food price increase was recorded in the price of yam, which jumped by 42 per cent, from N389.75 in July 2022 20 N539.41 in 2023.

This was closely followed by the price of one kilogram of rice, which increased from N467.80 to N653.49 within 12 months.

In the same vein, 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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Popular

Latest Updates

More like this
Related

CBN issues new guidelines for bureau de change operations

The Central Bank of Nigeria (CBN) has released new...

Naira gains N28.34 against dollar at official market

The Naira on Monday gained N28.34 at the official...

CBN withdraws cybersecurity levy

Nigerians can now heave a sigh of relief as...

Usyk beats Fury to become undisputed world heavyweight boxing champion

Oleksandr Usyk beat Tyson Fury by split decision to win the world's first undisputed heavyweight championship in 25 years on Sunday, an unprecedented feat in boxing's four-belt era. The judges scored the fight 115-112 for Usyk, 114-113 for Fury, leaving the final card to decide, which read 114-113 for Usyk. It meant Fury, 35, lost […]

The post Usyk beats Fury to become undisputed world heavyweight boxing champion appeared first on The Guardian Nigeria News - Nigeria and World News.

bitcoin
Bitcoin (BTC) $ 68,780.43 2.57%
ethereum
Ethereum (ETH) $ 3,745.47 2.19%
tether
Tether (USDT) $ 0.999913 0.02%
bnb
BNB (BNB) $ 601.63 1.50%
solana
Solana (SOL) $ 168.70 2.52%
staked-ether
Lido Staked Ether (STETH) $ 3,744.99 2.09%
usd-coin
USDC (USDC) $ 1.00 0.00%
xrp
XRP (XRP) $ 0.534626 2.30%
dogecoin
Dogecoin (DOGE) $ 0.165562 4.41%
the-open-network
Toncoin (TON) $ 6.35 3.93%