BY Busola Aro
The National Bureau of Statistics (NBS) says the prices of beans, rice, yam, eggs, and garri increased in July.
The bureau, in its latest ‘Selected Food Prices Watch’ report for July 2024, said while the prices increased year-on-year for some food items, there was a maginal drop month-on-month.
According to the report, the average price of 1kg of brown beans brown (sold loose) stood at N2,444.81 in July — a 262.98 percent price increase on a year-on-year basis from N673.53 recorded in July 2023.
On a month-on-month basis, the average price rose by 6.63 percent from N2,292.76 in June 2024.
The data body said agric eggs medium size (12 pieces) experienced significant price increase year-on-year to N2,170.17 in July 2024 — up from N1,006.64 in July of last year (2023) and N1,935.69 in June this year.
“On a month-on-month basis, the average price of this item rose by 12.11% from N1,935.69 in June 2024,” the NBS added.
NBS said there was a notable increase in the price of 1kg of tomato by 203.57 percent on a year-on-year basis, from N557.96 in July 2023 to N1,693.83 in July 2024.
However, on a month-on-month basis, the price decreased by 26.43 percent from N2,302.26 in June 2024.
“Furthermore, the average price of 1kg garri white sold loose went up by 167.98% on a year-on-year basis from N429.89 in July 2023 to N1,151.79 in July 2024, while there was an increase of 1.43% on a month-on-month basis,” the bureau added.
“Also, the average price of 1kg of Yam tuber increased by 234.23% on a year-on-year basis from N539.41 in July 2023 to N1,802.84 in July 2024. On a month-on-month basis, it decreased by -10.82% from N2,021.55 in June 2024 to N1,802.84 in July 2024.”
RIVERS, OSUN, KWARA SPENT THE HIGHEST ON FOOD
Based on the state profile analysis, the report showed that the highest average price of 1kg of brown beans (sold loose) was recorded in Rivers state at N3,070.96 while the lowest was in Adamawa state at N1,532.23.
“The highest average price of 1kg of Tomato was recorded in Osun at N3,000 while the lowest was in Kaduna state at N761.45,” NBS said.
“Regarding the average price of 1kg of yam tuber, Kwara state recorded the highest price at N3,894.08, while Adamawa recorded the lowest price at N742.95. Gombe recorded the highest average price of 1kg garri white sold loose at N1,624.72, while the lowest was reported in Taraba at N892.98.”
Also, analysis by zone showed that the average price of bean brown (sold loose) was highest in the south-south at N3,032.86, followed by the north-central at N2,869.95, while the north-west recorded the lowest average price at N1,732.71.
For the average price of 1kg of tomato, NBS said south-west and south-south recorded the highest at N2,366.67 and N2,070.18, respectively.
The statistics firm also said the lowest was recorded in the north-west at N899.27.
“The south-west recorded the highest average price of 1kg of Yam tuber at N2,357.02, followed by the south-south at N2,304.25, while the lowest was recorded in the north-east at N1,018.60,” NBS said.
According to the data bureau, the south-east and the north-east recorded the highest average price of 1kg of white garri (sold loose) at N1,197.59 and N1,194.52, respectively.
The bureau said the lowest was recorded in the south-south at N1,111.73.
In the last consumer price index (CPI) report for July, food inflation rate dropped to 39.53 percent, compared to 40.87 percent in June.
On a year-on-year basis, the July figure was said to be 12.55 percent points higher compared to the 26.98 percent inflation rate recorded in July 2023.
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