Home Economy Inflation: Food prices have almost doubled since last year, says NBS data

Inflation: Food prices have almost doubled since last year, says NBS data

444
0
PIC.5. WOMEN SELLING GRAINS WARES AT IBI MARKET IN TARABA STATE ON FRIDAY (27/4/12).

The National Bureau of Statistics has published the food prices inflation as of the end of last month compared to what they were at the same month last year.

The document we obtained from nigerianstat.gov.ng which sampled four major staples indicated that while the four rose at an average of 46.7% which is just some 3% away from double of the price last year, rice was the worst affected with a sharp rise of 68.10% within the period in focus.

“Selected Food Price Watch for October 2023 shows that the average price of 1kg of Tomato rose by 48.73% on a year-on-year basis from N454.46 in October 2022 to N675.91 in October 2023. On a month-on-month basis, it increased by 19.48% from N565.69 in September 2023.

Similarly, the average price of 1kg Rice local sold loose rose by 68.10% on a year-on-year basis from N487.47 in October 2022 to N819.42 in October 2023, while on a month-on-month basis, there was an increase of 8.24%.

The average price of 1kg of Beans brown (sold loose) rose by 39.90% on a year-on-year basis from N564.69 in October 2022 to N790.01 in October 2023.

On a month-on-month basis, it increased by 10.19% from N716.97 in September 2023.

Likewise, the average price of 1kg beef boneless stood at N2,948.03 in October 2023. This indicated that on a year-on-year basis, the price rose by 30.08% from the value recorded in October 2022 (N 2,266.24), and 4.65% on a month-on-month basis from N2,816.91 in September 2023.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here