Prices of Food Continues to Rise in Nigeria

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CEM REPORT | Prices of food have continued in their upward trajectory being instigated by multiple domestic and international factors. Increases have continued consistently even in the face of moderated rate of general inflation rise.

Insecurity posed by bandits and kidnappers within the farming communities have kept active farmers out of fields and prevent agro food marketers from moving their food items across States. Heightened price of diesel used to operate agro machinery has increased overhead for agro food processors such as millers and bakers

Selected Food Price Watch for the month of March 2022 recently released by the Nigerian Bureau of Statistics revealed increases for beans, bread, tomato, egg, plantain and groundnut oil within 12 months period and month-on-month basis

According to the report, the average price of 1kg of beans (white, black eye, sold loose) have increased by 46.64 percent within a year from N345.03 in March 2021 to N505.94 in March 2022. Also, on month-on-month basis, 1kg of beans increased by 1.69 percent from N497.54 in February 2022.

The average price of Bread Sliced 500g increased on year-on-year basis by 34.98 percent from N331.76 in March 2021 to N447.80 in March 2022. On month-on-month basis, the average price of this item  increased by 2.23 percent in March 2022.

Similarly, the average price of 1kg Tomato on year-on-year basis, rose by 53.29 percent from the value recorded in March 2021 (N267.45) to N409.96 in March 2022. On month-on-month basis, it increased from N393.08 in February 2022 to N409.96 in March 2022 indicating 4.29 percent growth.

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In the same vein, the average price of Agric eggs (medium size price of one) increased by 27.14 percent from N48.43 in March 2021 to N61.58 in March 2022. It also grew by 2.93% on month-on-month basis. The average price of 1kg Plantain (Unripe) rose by 43.54 percent on year-on-year basis from N228.18 in March 2021 to N327.54 in March 2022.

In addition, the average price of Groundnut oil: 1 bottle, specify bottle stood at N994.62 in March 2022, showing an increase of 46.00 percent from N681.23 in March 2021.

At the state level, Ebonyi recorded the highest average price of beans (white, Black eye, sold loose) with N867.29, while the lowest was reported in Bauchi with N252.95. The highest average price of Bread Sliced 500g was recorded in Abia with N650.0, while the lowest was recorded in Borno with N260.4. In addition, Bayelsa recorded the highest price of 1kg Tomato with N753.83, while Taraba recorded the lowest with N134.46.

Looking at the distribution by zone, the South-East recorded the highest average price of Beans ‘’brown sold loose” with N824.59, followed by the South-South with N681.61, while the North-East recorded the least with N299.27.

Similarly, the South-East recorded the highest average price of Bread Sliced 500g with N570.89, followed by the South-South with N547.39, while the lowest was recorded in the North-East with N273.27. The average price of 1kg of Tomato was higher in the South-South and the South-East with N661.97 and N647.95 respectively, while the lowest was recorded in the North-East with N158.07.

International organizations such as World Bank, IMF, WTO and WFP have continued to direct government awareness towards putting policy measures in place as cushioning effect for pending global food crises.

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