Food prices surged by 31 percent over a 12-month period from July 2022 to July 2023, with Ebonyi and Abia state taking the lead.
These insights are based on an analysis of the ‘Selected Food Price Watch,’ a report issued monthly by the National Bureau of Statistics.
Essential food items, including 1kg of rice, 1kg of beans, 500g of bread, tomatoes, beef, 2kg of wheat, 1kg of garri, and 1 bottle of palm oil, are taken into consideration in the ‘Selected Food Price Watch’ report.
The reports indicate that the highest food price surge was observed in the cost of yams, escalating by 42 percent, from N389.75 in July 2022 to N539.41 in 2023.
The price of one kilogram of rice closely trailed behind, with an increase from N467.80 to N653.49 within the span of 12 months.
Similarly, the price of palm oil also witnessed a 35 percent increase, rising from N890.67 to N1208.62 during the period under review.
The food price increase was also influenced by other staple items. Garri (1kg) rose by 33 percent, going from N323.17 to N429.89. Meanwhile, 500g of sliced bread increased by 34 percent, reaching N651.78 from N486.27.
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Additionally, a kilogram of tomatoes, 2kg of wheat, and beef were among the staple foods that experienced substantial price hikes. Tomatoes went from N446.81 to N557.96, wheat (2kg) from N1094.72 to N1419.14, and beef from N2118.84 to N2758.13.
A more detailed examination of the report revealed that during the twelve-month period, South-Eastern states, with Abia and Ebonyi at the forefront, had the highest food prices.
On the flip side, states in the North Central region, such as Kogi, Niger, and Benue, reported the least expensive food prices throughout this duration.
The National Bureau of Statistics (NBS) reported in its most recent Consumer Price Index (CPI) analysis, a measure of inflation, that the leading factor contributing to the uptick in headline inflation from 24.08 percent in July to 25.80 percent in August was the food inflation rate, which hit 29.34 percent in August.
The NBS said, ‘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.’