Why Prices of Food Continue to Rise in Nigeria – NBS

It said that the average price of 1kg of beans (white, black eye, sold loose) rose on a year-on-year basis by 12.94 per cent from N 457.98 in August 2021 to N517.23 in August 2022.

”Also, on a month-on-month basis, this declined to 5.51 per cent from N547.38 in July 2022.”

The report said the average price of Bread Sliced 500g increased on a year-on-year basis by 33.12 per cent from N366.69 in August 2021 to N488.14 in August 2022.

“On a month-on-month basis, the average price of this item increased by 0.38 per cent in August 2022.”

Similarly, the report said the average price of 1kg beef (boneless) rose by 26.09 per cent on a year-on-year basis from N1,698.18 in August 2021 to N2,141.18 in August 2022.

In addition, it said the average price of a bottle of Groundnut oil stood at N1, 087.64 in August 2022, showing an increase of 33.83 per cent from N812.70 in August 2021.

”On a month-on-month basis, it rose by 0.88 per cent from N1, 078.17 in July 2022.”

The NBS said the average price of 1kg Yam Tuber on a year-on-year basis rose by 32.12 per cent from the value recorded in August 2021 at N305.48 to N403.63 in August 2022.

It said on a month-on-month basis, it increased to N403.63 in August 2022 from N389.75 in July 2022 indicating a 3.56 percent increase.

The report said the average price of one bottle of Palm oil increased by 34.08 per cent from N668.71 in August 2021 to N896.63 in August 2022.

“It also grew by 0.67 per cent on a month-on-month basis”.

The report said at the state level, Ebonyi recorded the highest average price of beans (white, Black eye, sold loose) with N823.35, while the lowest was reported in Borno with N318.33.

The report said the highest average price of 500g of sliced bread was recorded in Abia at N680.33, while the lowest was recorded in Plateau with N300.

“In addition, Akwa-Ibom recorded the highest price of 1kg Yam

tuber with N810.33, while Taraba recorded the lowest with N153.27.”

The report shows that analysis by zone showed that the South-East recorded the highest average price of brown beans sold loose with N787.48, followed by the South-South with N671.03.

”The North-East recorded the least with N377.37.”

Similarly, the South-East recorded the highest average price of 500g of sliced bread with N645.80, followed by the South-south with N588.56.

“The lowest was recorded in the North- East with N327.40.”

It said the average price of 1kg Yam tuber was higher in the South-South and South-West with N580.04 and N536.76, respectively.

“The lowest was recorded in the North-East with N177.00.”