Food prices soar by 31% – NBS

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An analysis of the ‘Selected Food Price Watch,’ a report published on a monthly basis by the National Bureau of Statistics stated that Ebonyi and Abia states led as food prices jumped by 31 per cent within in 12 months from July 2022 to July 2023.

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.

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Francis Ogwo
The young and goal driven writer and cinematographer started his journalism as a print journalist in Kaduna in 2005 writing for Kaduna Chronicles Newspapers, Liberator Newspapers where he became the South Bureau Chief. In 2008, he moved into TV production with an employment into Siverbird Television and Rhythm Fm as a Correspondent. He got certified by Independent Television Producers Association of Nigeria(ITPAN) in 2009. After five years of hardwork and training, he was employed as Associate Producer, Moments With Mo and subsequently Producer, Playground on HipTV. Francis currently majors in documentaries and high profile scripts for news and movies. He is currently a Senior Contents Producer at News Central TV

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