By Francis Ogwo
The month of June recorded a huge increase in prices of food, the National Bureau of Statistics (NBS) has said.
This was contained in its latest report entitled: “Selected Food Prices Watch – June 2020,” it said the average price of 1kg of yam tuber increased year-on-year by 37.63 per cent and month on month by 5.83 per cent to N250.70 in June 2020 from N236.90 in May.
According to the report, during the month under review, NBS said the “average price of 1kg of rice (imported high quality sold loose) increased year-on-year by 35.97 per cent and increased month-on-month by 3.57 per cent to N479.74 in June 2020 from N463.21 in May 2020.”
The report further revealed that the average price of 1kg of tomato increased year-on-year by 30.25 per cent and month-on-month by 5.84 per cent to N294.46 in June from N278.23 in May this year.
The report also added that selected food price watch data for June reflected that the average price of one dozen of agric eggs medium size decreased year-on-year by -4.54 per cent and increased month-on-month by 2.24 per cent to N472.83 in June from N462.46 in May while the average price of a piece of Agric eggs medium size (the price of one) increased year-on-year by 7.30 per cent and month-on-month by 3.28 per cent to N42.18 in June 2020 from N40.84 in May 2020.
Earlier in a report, the NBS said the inflation rate of the country rose to 12.56 per cent during the month under review (year-on-year), 0.16 per cent points higher than the rate recorded in May 2020 (12.4 per cent).
Its report also showed that composite food index rose to 15.18 per cent compared to 15.04 per cent recorded in May while core inflation, which excludes the prices of volatile agricultural produce stood at 10.13 per cent in June 2020 compared to 10.12 per cent recorded in May.
The composite food index stood at 15.18 per cent, which is 0.14 per cent points higher compared to 15.04 per cent recorded in May 2020.
On a month-on-month basis, the food sub-index increased by 1.48 per cent in June 2020, up by 0.06per cent points from 1.42per cent recorded in May 2020.
It said the rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, as well as fruits, oils and fats, meat, fish and vegetables.
“All items less farm produce” or core inflation, which excludes the prices of volatile agricultural produce stood at 10.13 per cent in June 2020, up by 0.01 per cent when compared with 10.12 per cent recorded in May 2020.
On a month-on-month basis, the core sub-index increased by 0.86 per cent in June 2020. This was down by 0.02 per cent when compared with 0.88 per cent increase recorded in May 2020.
The report had said the highest increases were recorded in prices of medical services, hospital services, passenger transport by road, pharmaceutical products, motor cars, paramedical services, maintenance and repair of personal transport equipment, bicycles, motorcycles, vehicle spare parts and other services in respect of personal transport equipment.
During the month under review, all items inflation on a year-on-year basis was highest in Bauchi (15.02 per cent) followed by Sokoto (14.88 per cent rate), Ebonyi (14.6 per cent), Plateau (14.49 per cent) and Taraba states (13.95 per cent).
Kwara had (10.03 per cent) the least all items inflation rate (year-on-year) followed by Lagos (10.78 per cent). Others on the list include; Cross River (10.95 per cent), Abuja (11.02 per cent) and Borno (11.11 per cent).
In terms of food inflation on a year on year basis, Sokoto (17.88 per cent) recorded the highest followed by Plateau (17.04 per cent) and Abuja (16.82 per cent), while Bauchi (12.86 per cent), Ogun (13.18 per cent), and Lagos (13.46 per cent) recorded the slowest rise.
Outcries by different agricultural value chains have trailed the current state of the economy, which is threatened by unproductivity and increasing forex. This according to experts is to avert food shortages or inflation, which experts say may be difficult to manage especially with the global economic status.
