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NBS Reports 31% Jump in Food Prices

Food prices in Ebonyi and Abia states saw a significant increase of 31 percent over a 12-month period, from July 2022 to July 2023. This data comes from an analysis of the ‘Selected Food Price Watch,’ a monthly report published by the National Bureau of Statistics (NBS). The report focuses on staple food items, including rice (1kg), beans (1kg), bread (500g), tomatoes, beef, wheat (2kg), garri (1kg), and palm oil (1 bottle).

The most notable increase was in the price of yam, which surged by 42 percent, rising from N389.75 in July 2022 to N539.41 in July 2023. Following closely was the price of one kilogram of rice, which climbed from N467.80 to N653.49 within the same 12-month period. Palm oil prices also rose by 35 percent, increasing from N890.67 to N1208.62.

Other staple foods contributing to the price hike included garri (1kg), up by 33 percent from N323.17 to N429.89, and 500g of sliced bread, which rose from N486.27 to N651.78 (a 34 percent increase).

Prices of a kilogram of tomatoes (N446.81 to N557.96), 2kg of wheat (N1094.72 to N1419.14), and beef (N2118.84 to N2758.13) also experienced significant increases during the same period.

Further analysis of the report revealed that South-Eastern states, led by Abia and Ebonyi, had the highest food prices over the twelve-month period. Conversely, states in the North Central region (Kogi, Niger, Benue) had the lowest food prices during the same period.

In its recent Consumer Price Index report, which measures inflation, the NBS stated that food inflation in August was at 29.34 percent, primarily contributing to the rise in headline inflation from 24.08 percent in July to 25.80 percent in August. The NBS attributed this food inflation to increases in prices of oil and fat, bread and cereals, fish, fruit, meat, vegetables, potatoes, yam and other tubers, vegetable oil, milk, cheese, and eggs.

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