Food prices continue to soar on annual basis in Nigeria – NBS

National Bureau of Statistics (NBS) has disclosed that food prices in the country continued to soar on a yearly basis, based on data collected in November, 2022.

According to the NBS’s ‘Selected Food Price Watch for November 2022,’ data, released, Wednesday, the average price of 1kg beef boneless stood at N2,337.46 in November 2022.

This indicated that on a year-on-year (y-on-y) basis, the price for meat rose by 29.00 per cent from the value recorded in November 2021 (which was N1,812.03), and 3.14 per cent on a month-on-month basis from N2,266.24 in October 2022. 

Also, according to the data released by the NBS, the average price of 1kg rice (local) increased on a year-on-year basis by 18.95 per cent from N421.02 in November 2021 to N500.80 in November 2022.

“On a month-on-month basis, the average price of this item increased by 2.73 per cent in November 2022,” a summary of the report published on the NBS website reads.

In addition, the average price of 1kg of tomato on a year-on-year basis rose by 30.18 per cent from N350.15 in November 2021 to N455.13 in November 2022.

Also, on a month-on-month basis, it increased to 0.15 per cent from N454.46 in October 2022.

“Similarly, the average price of 1kg bean brown rose by 18.03% on a year-on-year basis from N490.19 in November 2021 to N578.55 in November 2022. While on a month-on-month basis, the price rose by 2.45%.

“In addition, the average price of Palm oil: (1 bottle, specify bottle) increased by 29.87% from

N775.11 in November 2021 to N1,006.64 in November 2022. It also grew by 3.91% on a

month-on-month basis.

“In the same vein, the average price of Vegetable oil (1 bottle, specify bottle) stood at N1,142.99 in November 2022, showing an increase of 30.41% from N876.47 in November 2021. On a month-on-month basis, it rose by 3.34% from N1,106.08 in October 2022,” read the report.

According to the NBS, at the state level, ‘the highest average price of rice (locally sold loose) was recorded in Rivers with N632.05, while the lowest was recorded in Jigawa with N378.81. Ebonyi recorded the highest average price of beans (brown, sold loose) with N868.33, while the lowest was re-

ported in Kebbi with N365.71.

“In addition, Ekiti recorded the highest price of Vegetable oil (1bottle, specify bottle) at N1,584.31, while Kwara recorded the lowest at N693.08.

“Analysis by zone showed that the average price of 1kg beef boneless was higher in the South -East and South-South with N2,851.51 and N2,570.87 respectively, while the lowest was recorded in the North-East with N1,971.83.“

“The South-South recorded the highest average price of 1kg rice (locally sold loose) with N555.80, followed by the South-West with N526.41, while the lowest was recorded in the North-West with N457.16. Similarly, the South-West recorded the highest average price of Palm oil: (1 bottle, specify bottle) with N1,174.30, followed by the North-West with N1,129.63, while the North-East recorded the least with N765.04,” the report concluded.