In July 2023, the National Bureau of Statistics (NBS) reported that prices of several food items increased. The NBS’s Selected Food Prices Watch Report for the month revealed the following:
Boneless Beef: The average price for 1kg of boneless beef increased by 30.17% year-on-year, rising from N2,118.84 in July 2022 to N2,758.13 in July 2023. On a month-to-month basis, it increased by 3.96%.
Tomatoes: Prices for 1kg of tomatoes saw a year-on-year increase of 24.88%, rising from N446.81 in July 2022 to N557.96 in July 2023. On a month-to-month basis, it rose by 1.95%.
Brown Beans (Sold Loose): The cost of 1kg of brown beans (sold loose) surged by 19.73% year-on-year, moving from N562.55 in July 2022 to N673.53 in July 2023. On a month-to-month basis, it went up by 3.44%.
Onion Bulb: The average price for 1kg of onion bulb increased by 26.65% year-on-year, climbing from N396.96 in July 2022 to N502.73 in July 2023. On a month-to-month basis, it increased by 2.38%.
Yam Tuber: Prices for 1kg of yam tuber jumped by 38.40% year-on-year, from N389.75 in July 2022 to N539.41 in July 2023. On a month-to-month basis, it increased by 5.61%.
Palm Oil: The average price for 1 litre of palm oil surged by 35.70% year-on-year, rising from N890.67 in July 2022 to N1,208.62 in July 2023. On a month-to-month basis, it increased by 2.93%.
The report also provided insights into price variations across different states and regions. For instance, the South-East recorded the highest average price for boneless beef, while the North-East had the lowest. When it came to tomatoes, the South-South and South-East had the highest average prices, while the North-East had the lowest.
These price increases in essential food items can contribute to inflationary pressures and impact the cost of living for consumers, particularly those with lower incomes.