Food prices soar in August — NBS
The prices of various food items, including beef, tomatoes, beans, garri, and yam, have risen in August, according National Bureau of Statistics (NBS).
NBS released its Selected Food Prices Watch report for August 2023 in Abuja, revealing the increase. In August 2022, the average price of 1kg of boneless beef was N2,141.18. However, in August 2023, it surged by 30.75% to N2,799.51. This indicates a significant price hike in just one year.
“On a month-on-month basis, 1kg of boneless beef increased by 1.50 per cent in August from the N2,758.13 recorded in July 2023,’’ the report stated.
It added that the average price of 1kg of local rice increased by 62.68 per cent on a year-on-year basis, from N454.10 in August 2022 to N738.74 in August 2023.
On a month-on-month basis, 1kg of local rice increased by 13.04 per cent from the N653.49 recorded in July 2023.
It stated that the average price of 1kg of brown beans increased by 27 per cent on a year-on-year basis from N545.61 in August 2022 to N692.95 in August 2023.
“On a month-on-month basis, the price increased by 3.88 per cent from the N673.53 recorded in July 2023 to N692.95 in August,’’ it added.
The NBS reported that the average price of 1kg of onion bulb rose by 30.54 per cent on a year-on-year basis from N393.22 in August 2022 to N513.29 in August 2023.
“On a month-on-month basis, the price increased by 2.10 per cent from the N502.73 recorded in July to N513.29 in August 2023,’’ it stated.
The report added that the average price of 1kg of yam tuber increased by 42.80 per cent on a year-on-year basis from N403.65 in August 2022 to N576.39 in August 2023.
On a month-on-month basis, 1kg of yam tuber increased by 6.86 per cent from N539.41 recorded in July to N576.39 recorded in August 2023.
It stated that the average price of 1 litre of palm oil increased by 38.13 per cent on a year-on-year-basis, from N896.63 in August 2022 to N1,238.56 in August 2023.
On a month-on-month basis, it rose by 2.48 per cent from the N1,208.62 recorded in July to N1,238.56 recorded in August 2023.
Average price of garri increased by 49.16 per cent on a year-on-year-basis, from N305.92 in August 2022 to N456.32 in August 2023, the NBS stated.
On a month-on-month basis, the price increased by 6.15 per cent from the N429.89 recorded in July to N456.32 recorded in August 2023.
According to a state profile analysis conducted by the National Bureau of Statistics (NBS), Anambra has the highest average price for 1kg of boneless beef at N3,790.02, while Kogi has the lowest price at N1,835.71.
The report also reveals that Ondo has the highest average price for 1kg of local rice at N903.26, whereas Benue has the lowest price at N529.72.
Imo has the highest average price for 1kg of brown beans at N1,087.14, while Kogi has the lowest price at N480.34.Lagos tops the list with the highest average price for 1kg of onion bulb at N847.83, whereas Kano has the lowest price at N300.46.
In terms of yam tubers, Akwa Ibom has the highest average price at N1,030.71, while Adamawa has the lowest price at N328.71.
Ogun has the highest average price for 1 litre at N1,525.49, and Kwara has the lowest price at N920.
Cross River has the highest average price for 1kg of garri at N574.32, while Kwara has the lowest price at N336.64.
Analyzing the data by zone, the Southeast region has the highest average price for 1kg of boneless beef at N2,234.60.
These findings provide valuable insights into the varying prices of essential food items across different states in Nigeria.
This is followed by the South-South at N2,312.05, while the lowest price was recorded in the North-Central at N1960.65.
The Southeast and South-South recorded the highest average price of 1kg of local rice at N887.13 and N809.15, respectively, while the lowest price was in the North-Central at N612.78.
The report stated that the Southeast recorded the highest average price of 1kg of brown beans at N945.63, followed by the Southwest at N750, while the North-Central recorded the lowest price at N567.67.
It added that the Southeast and South-South recorded the highest average price of 1kg of onion bulb at N712.01 and N699.47, respectively, while the lowest was recorded in the Northeast at N355.56.
The NBS stated also that the Southwest recorded the highest average price of 1kg of yam tuber at N766.48, followed by the South-South at N721.37, while the lowest price was recorded in the North-East at N361.21.
It reported that the North-Central recorded the highest average price of 1 litre of palm oil at N1,335.56, followed by the North-East at N1,297.21, while the lowest was recorded in the Southwest at N920.
