Prices of Food Continues to Rise in Nigeria

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CEM REPORT | On a national average, the Selected Food Price Watch report for January, 2022 released Friday by the Nigerian Bureau of Statistics (NBS) shows a general increase in prices in or the food commodities covered by the report.

According to the report, the average price of 1kg of beans (white, black eye, sold loose) rose year-on-year by 51.92 percent from N316.92 in January, 2021 to N481.47 in January, 2022. Similarly, there was an increase of 0.14 percent month-on-month from N480.79 in December, 2021.

The average price of one tuber of yam (1kg) also increased year-on-year by 41.15 percent from N234.67 in January 2021 to N331.24 making the common weight of tuber (2.93 kg) to average N970.53 in January 2022. On month-on-month, the average price of yam increased by 0.76percent from N328.75 in December 2021.

Likewise, the average price of “Palm oil: 1 bottle, specify bottle” increased from N795.57 in December 2021 to N805.45 in January 2022 by 1.24 percent. Year-on-year analysis shows that the average price also rose by 42.73 percent from N564.31 in January 2021.

In the same vein, the average price of 1kg of Tomato increased by 2.80 percent from N357.03 in December 2021 to N367.01 in January 2022 while the average price of 1kg frozen chicken rose by 18.07 percent from N1927.54 in January 2021 to N2275.78 in January 2022.

The average price of 1kg of “Rice Agric Sold loose” stood at N480.5 in January 2022; this showed an increase of 0.86 percent from N476.4 in December 2021. In the same way, year-on-year, showed an increase of 7.09 percent from N448.7 in January 2021.

States price distribution shows that Ebonyi recorded the highest average price of beans (white, Black eye, sold loose) with N816.41 and the lowest in Bauchi with N242.04. The state with the highest average price of yam tuber was Ekiti with N664.61 while the lowest was recorded in Taraba with N128.35. Kwara recorded the lowest price of “palm oil; 1 bottle, specify bottle” with N452.49 and the highest price was in Enugu with N1104.35.

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In addition, South-East recorded the highest average price of beans “white, black eye, sold loose” with N804.39 followed by South-South with N621.29, while the North-East recorded the least price with N284.43. Also, South-South and South-East recorded an average price of “rice local sold loose” with N518.15 and N454.68 respectively whereas the lowest price was recorded in North-East with N360.58.

The average price of yam tuber was highest in South-West and South-South with N518.98 and N434.46 respectively while the lowest price was in North-East with N132.96. Furthermore, the average price of “Palm oil, 1 bottle, specify bottle” was highest in South-East with N1031.80 followed by South-South with N952.42 while North-East recorded the least with N513.81.

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