NBS: Nigerians paying more as prices of yam, rice, garri increase

The National Bureau of Statistics (NBS) says prices of beef, tomatoes, beans, garri, yam, and other food items increased in August.

The bureau disclosed this in a report, titled, ‘Selected Food Prices Watch (August 2023)’, released on Monday.

The report shows that the prices of food items have skyrocketed, leaving many people unable to afford staple foods.

The survey includes food items like local rice, yam, tomato, bread, plantain, veggies, fish, beans, and others.

According to the report, the average price of 1kg of boneless beef was N2,141 in August 2022, it increased by 30.75 percent to N2,799 in August 2023.

“On a month-on-month basis, 1kg of boneless beef increased by 1.50 per cent in August from the N2,758.13 recorded in July 2023,’’ the report stated.

“The average price of 1kg of Rice local sold loose increased by 62.68% on a year-on-year basis from N454.10 in August 2022 to N738.74 in August 2023.

“On a month-on-month basis, the average price of this item increased by 13.04% from N653.49 in July 2023.”

The NBS said the average price of 1kg of brown beans increased by 27 percent on a year-on-year basis from N545.61 in August 2022 to N692.95 in August 2023.

“On a month-on-month basis, the price increased by 3.88 percent from the N673.53 recorded in July 2023 to N692.95 in August,’’ it added.

“The average price of 1kg of Yam tuber rose by 42.80% on a year-on-year basis from N403.65 in August 2022 to N576.39 in August 2023.

“On a month-on-month basis, the price increased by 2.10 per cent from the N502.73 recorded in July to N513.29 in August 2023.”

The bureau also said the average price of 1 litre of palm oil increased by 38.13 percent on a year-on-year-basis, from N896.63 in August 2022 to N1,238.56 in August 2023.

On a month-on-month basis, it rose by 2.48 percent from the N1,208 recorded in July to N1,238 documented in August this year.

The average price of garri increased by 49.16 percent on a year-on-year-basis, from N305.92 in August 2022 to N456.32 in August 2023, the NBS stated.

On a month-on-month basis, the price increased by 6.15 percent from the N429.89 recorded in July to N456.32 recorded in August 2023.

On state profile analysis, the report showed that the highest average price of 1kg of boneless beef was recorded in Anambra at N3,790, while the lowest price was seen in Kogi at N1,835.

The NBS said Ondo had the highest average price of 1kg of local rice at N903.26, while the lowest was recorded in Benue at N529.72.

In the same vein, the highest average price of 1kg of brown beans in Imo stood at N1,087, while the lowest price in Kogi was N480.34.

Similarly, analysis by zone showed that the average price of 1kg of boneless beef was highest in the south-east at N2,234.

This is followed by the south-south at N2,312, while the lowest price was recorded in the north-central at N1,960.

FOOD INFLATION ROSE TO 29.34% IN AUGUST 2023

Meanwhile, the food inflation rate in August 2023 was 29.34 percent on a year-on-year basis. This was 6.22 percent points higher compared to the rate recorded in the same month in 2022 (23.12 percent).

“The rise in food inflation on a year-on-year basis was caused by increases in prices of Oil and fat, Bread and cereals, Fish, Fruit, Meat, Vegetables and Potatoes, Yam and other Tubers, Vegetable, Milk, Cheese and Eggs,” the NBS report reads.

“On a month-on-month basis, the Food inflation rate in August 2023 was 3.87%, this was 0.41% points higher compared to the rate recorded in July 2023 (3.45%).”

According to the data agency, the rise in food inflation was caused by increases in prices of bread and cereals, potatoes, yam, and other tubers, fish, oil and fat, coffee, tea, and cocoa.

The data body said the average annual rate of food inflation for the twelve months ending August 2023 over the previous twelve-month average was “25.01%, which was a 5.99% points increase from the average annual rate of change recorded in August 2022 (19.02%)”.