×
  • Business - Economy
  • Updated: March 21, 2022

NBS February Report Shows Continued Increase In Food Prices

NBS February Report Shows Continued Increase In Food Prices

The Nigerian Bureau of Statistics (NBS) has released its February 2022 report on the average prices of a selection of food items in Nigeria.

According to the report, prices for some selected food items consumed by every Nigerian increased by a slight, moderate, or significant amount during the month under review.

The report:

The bureau stated that “the average price of 1kg of beans (white, black eye, sold loose) rose on a year-on-year basis by 50.1 percent from N 331.48 in February 2021 to N 497.54 in February 2022.”

“Similarly, there was an increase of 3.34percent month-on-month from N 481.47 in January 2022 to N 497.54 in February 2022.

"The average price of Bread Sliced 500g, also, increased year-on-year by 34.11 percent from N 326.61 in February 2021 to N438.03 in February 2022.”

“On month-on-month, the average price of this item increased by 4.63 percent (N418.65) in February 2021. Likewise, the average price of 1kg.

"Tomato increased from N367.01 in January 2022 to N393.08 in February 2022 indicating a 7.10 percent rise.”

The report went further to reveal: “Year-on-year analysis shows that the average price also rose by 46.03 percent (N 269.18) in February 2021.

"In the same vein, the average price of Agric eggs (medium size price of one) increased by 2.65 percent from N58.28 in January 2022 to N59.82 in February 2022.”

“Also, the average price of 1kg Yam tuber rose by 39.92 percent from N242.82 in February 2021 to N339.76 in February 2022.

"Similarly, the average price of Groundnut oil: 1 bottle, specify bottle stood at N971.01 in February 2022; this shows an increase of 3.18 percent (N941.10) in January 2022.”

“In the same way, the year-on-year analysis shows an increase of 43.46 percent (N676.87) in February 2021.

"State price distribution shows that Ebonyi recorded the highest average price of beans (white, Black eye, sold loose) with N880.59 and the lowest was reported in Bauchi with N243.67.”

Bread: “The highest average price of Bread Sliced 500g was recorded in Abuja with N630.33 while the lowest was recorded in Gombe with N255.2.

"Also, South-South and South-East recorded an average price of Bread Sliced 500g with N541.87 and N529.53 respectively whereas the lowest average price was recorded in North-East with N267.83.”

Tomatoes: “Taraba recorded the lowest price of 1kg Tomato with N133.39 while the highest price was reported in Edo with N711.67.

"The average price of 1kg of Tomato was highest in South-East with N637.92 followed by South-South N630.72 while the lowest price was in North-East with N151.56.”

Beans: “Analysis by zone shows that South-East recorded the highest average price of Beans ‘’brown sold loose” with N809.66 followed by South-South with N633.06, while the North-East recorded the least price with N289.27.”

According to the statement, “We would also like to note that operations at the plant and production which were shut down in the aftermath of the incident as a precautionary and preventive measure have since resumed at the factory- which was unaffected by the incident.”

In conclusion, the report revealed that all commodities experienced a month-on-month price increase with the exception of Catfish (obokun) fresh, Mackerel: frozen, and Mudfish: dried.

The cause of the price increase is not new, as inflation continues to wreak havoc on the pockets of many Nigerians, regardless of social status.

According to Charles Eneanya, a research analyst at Researchitlive, the rise is due to a recent shortage of PMS, diesel, and kerosene in the country.

He stated that the scarcity has affected the cost of transporting these goods from farmlands to cities, which is why most agricultural products are cheaper in rural areas than in urban areas.

He also attributed the price increase to the naira's depreciation against the US dollar.

"For more than two months, the Naira has fallen so far that every time the exchange rate rises, the cost of importing some of these machineries or components used in crop production rises," he said. As a result, prices have risen rapidly."

We can only hope that the government's efforts, through some of its monetary and fiscal policies, will help to address rising prices.

Related Topics

Join our Telegram platform to get news update Join Now

0 Comment(s)

See this post in...

Notice

We have selected third parties to use cookies for technical purposes as specified in the Cookie Policy. Use the “Accept All” button to consent or “Customize” button to set your cookie tracking settings