Experts across Nigeria have continued to raise concerns over the soaring prices of food and items across the local markets as Nigeria’s food inflation continues to skyrocket recording an increase of 23.12 per cent in August from 22.02 per cent in July 2022.
According to figures by the National Bureau of Statistics food inflation rose to its highest level since 2005 when it was 24.56 per cent.
The National Bureau of Statistics said the price of selected food items has increased in the last twelve months.
Its selected food price watch for the month of August 2022 shows that the average price of 1kg beef (boneless) rose by 26.09 per cent on a year-on-year basis from N1,698.18 in August 2021 to N2,141.18 in August 2022.
According to the Bureau, the average price of 1kg of beans (white, black eye, sold loose) rose on a year-on-year basis by 12.94 per cent from N457.98 in August 2021 to N517.23 in August 2022.
Also, on a month-on-month basis, it declined to 5.51 per cent from N547.38 in July 2022.
The report revealed that the average price of sliced 500g bread increased on a year-on-year basis by 33.12 per cent from N366.69 in August 2021 to N488.14 in August 2022.
“On a month-on-month basis, the average price of this item increased by 0.38 per cent in August 2022.” NBS said
Similarly, the data revealed that the average price of 1kg beef (boneless) rose by 26.09 per cent on a year-on-year basis from N1,698.18 in August 2021 to N2,141.18 in August 2022.
In addition, the average price of groundnut oil: 1 bottle, specify bottle stood at N1,087.64 in August 2022, showing an increase of 33.83 per cent from N812.70 in August 2021.
“On a month-on-month basis, it rose by 0.88% from N1,078.17 in July 2022.”
According to the statistics body, the average price of 1kg yam tuber on a year-on-year basis, rose by 32.12 per cent from the value recorded in August 2021 (N305.48) to N403.63 in August 2022.
“On a month-on-month basis, it increased to N403.63 in August 2022 from N389.75 in July 2022 indicating a 3.56 per cent increase.”
In the same vein, the average price of palm oil: (1 bottle, specify bottle) increased by 34.08 per cent from N668.71 in August 2021 to N896.63 in August 2022.
“It also grew by 0.67 per cent on a month-on-month basis.” NBS stated.
