….as S/East, South-South consumers paid highest for beans, bread
The National Bureau of Statistics (NBS), the coordinating agency for Nigeria’s statistical system, reported on Saturday, September 24, that consumers paid more for selected food items in August, reflecting the rising inflation rate in the economy.
The Bureau, in its latest ‘Selected Food Prices Watch Report for August’ indicated the average price of 1kg of beans (white, black eye, sold loose) rose on a year-on-year basis by 12.94 percent from N457.98 in August 2021 to N517.23 in August 2022 and also declined by 5.51 percent month-on-month from N547.38 in July 2022.
Similarly, the agency reported that the average price of sliced bread 500g increased on a year-on-year basis by 33.12 percent from N366.69 in August last year to N488.14 in the month under review, adding that “on a month-on-month basis, the average price of this item increased by 0.38 percent in August 2022.”
An analysis of the report indicated that the average price of 1kg beef (boneless) rose by 26.09 percent on a year-on-year basis to N2,141.18 in August this year from N1,698.18 in the corresponding month of 2021.
The Bureau further disclosed that the average price of a bottle of groundnut oil stood at N1, 087.64 in August this year, representing an increase of 33.83 percent from N812.70 in August last year while on a month-on-month basis, it rose by 0.88 percent from N1, 078.17 in July 2022.”
The NBS reported that the average price of 1kg yam tuber on a year-on-year basis increased by 32.12 percent to N403.63 in August this year, from the N305.48 it sold for in August 2021, noting that on a month-on-month basis, it increased by 3.56 percent to N403.63 in August from N389.75 in July 2022.
The report reflected that the average price of one bottle of palm oil increased by 34.08 percent to N896.63 in August this year from N668.71 it sold for in the corresponding month of last year while it rose marginally by 0.67 percent on a month-on-month basis.
According to the NBS, a further analysis of the selected food prices in the month of August 2022 on state-by-state-basis 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 indicated that 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 while Akwa-Ibom recorded the highest price of 1kg yam tuber with N810.33 and Taraba recorded the lowest with N153.27.
Analysis of the food prices on zonal basis during the month under review 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 while the North-East recorded the lowest price 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 and just as was the case of brown beans, the North- East recorded the lowest price with N327.40.
The NBS reported further the average price of 1kg yam tuber was higher in the South-South and South-West with N580.04 and N536.76, respectively while North-East consumers also paid lowest for the item with N177.00.