NBS Report: Hike In Food Prices Since New Year

It has been reported by the National Bureau of Statistics that prices of food items such as yam, rice and beef increased in January. 

This is contained in NBS Selected Food Prices Watch Report for January 2023, released in Abuja on Thursday. 

Nigeria Food Prices: NBS Report

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The report said the average price of one kilogramme of beef boneless on a year-on-year basis increased by 29.72 per cent from N1, 864.70 in January 2022 to N2,418.91 in January 2023. 

On a month-on-month basis, one kilogramme of beef boneless increased by 1.75 per cent from N2, 377. 29 recorded in December 2022, it said. 

The report showed that the average price of 1kg rice (local, sold loose) increased on a year-on-year basis by 19.67 per cent from N430.21 in January 2022 to N514.83 in January 2023. 

It explained that on a month-on-month basis, the average price of this item increased by 1.71 per cent from N506.17 recorded in December 2022, and the average price of one kilogramme of tomato on a year-on-year basis rose by 27.26 per cent from N367.01 in January 2022 to N467.04 in January 2023. 

Also, on a month-on-month basis, one kilogramme of tomato increased by 1.88 per cent from N458.42 recorded in December 2022, with the report showing that the average price of 1kg brown beans (sold loose) rose by 19.06 per cent on a year-on-year basis from N498.85 recorded in January 2022 to N593.96 in January 2023. 

It further revealed that on a month-on-month basis, the price rose by 1.33 per cent from N586.14 recorded in December 2022, with the NBS saying the average price of one bottle of palm oil increased by 29.62 per cent from N805.45 in January 2022 to N1, 044. 04 in January 2023. 

On a month-on-month basis, the item grew by 1.94 per cent from the N1,024.13 recorded in December 2022. NBS also said the average price of one bottle of vegetable oil stood at N1,183.67 in January 2023, showing an increase of 28.55 per cent from N920.76 recorded in January 2022. 

On a month-on-month basis, it rose by 1.89 per cent from N1, 161.76 recorded in December 2022, noted the report, pointing out that the average price of one tuber of yam stood at N431.36 in January 2023, showing an increase of 30.22 per cent from N331.24 in January 2022. 

“On a month-on-month basis, one tuber of yam increased by 1.38 per cent from N425.48 recorded in December 2022. Similarly, it said the average price of one kilogramme of onion bulb rose by 21.28 per cent on a year-on-year basis from N368.10 in January 2022 to N446.44 in January 2023,” said NBS. “On a month-on-month basis, the price rose by 2.41 per cent from N435.93 in December 2022.’’ 

The NBS said the average price of pre-packed wheat flour (golden penny 2kg) increased by 26.82 per cent on a year-on-year basis from N974.87 in January 2022 to N1,236.31 in January 2023. 

On a month-on-month basis, the price rose by 2.69 per cent from N1,203.88 recorded in December 2022, the report said, indicating that at the state level, the highest average price of rice (local, sold loose) was recorded in Rivers at N714.99, while the lowest price was recorded in Jigawa at N362.75. 

It said Cross River recorded the highest average price of 1kg onion bulb at N1,067.53, while the lowest was reported in Adamawa at N189.05. 

The report said Ebonyi recorded the highest average price of beans (brown, sold loose) at N912.56, while the lowest was recorded in Kebbi state at N350.99. 

Also, the report said Imo recorded the highest palm oil price (one bottle) at N1,315.56, while Kwara recorded the lowest price at N695.65. It said Akwa Ibom recorded the highest average price of a tuber of yam at N875.44 while Benue recorded the lowest price at N184.44. 

Analysis by zone showed that the average price of one kilogramme of beef (boneless) was higher in the South-East and South-South at N3,002.13 and N2,641.04, respectively, while the lowest price of the item was recorded in the North-East at N2,079.20. 

The report said South-South recorded the highest average price of 1kg rice (local, sold loose) at N604.54 and was followed by the South-West at N536.19, while the lowest price was recorded in the North-West at N443.54.