NBC: Food price’s soar by 31%According to a report from the National Bureau of Statistics, between July 2022 and July 2023, food prices in Nigeria saw a significant increase of 31 percent. This increase was most notable in Ebonyi and Abia states.
The report analyzed the prices of selected food items, including staples like rice, beans, bread, tomatoes, beef, wheat, garri, and palm oil.The highest price increase was observed in yam, which surged by 42 percent, from N389.75 to N539.41.
One kilogram of rice also saw a substantial increase from N467.80 to N653.49. Palm oil prices went up by 35 percent, rising from N890.67 to N1208.62.Other food items like tomatoes, wheat (2kg), and beef also experienced notable price spikes. South-Eastern states, particularly Abia and Ebonyi, recorded the highest food prices during this period, while North Central states like Kogi, Niger, and Benue had the lowest food prices.
The National Bureau of Statistics attributed the increase in food prices to factors such as rising prices of oil and fat, bread, cereals, fish, fruit, meat, vegetables, potatoes, yam, and other tubers, as well as dairy products. This food price surge contributed significantly to the overall inflation rate in Nigeria, which rose from 24.08 percent in July to 25.80 percent in August.