The National Bureau of Statistics (NBS) has reported significant increases in the prices of various food items, causing growing concerns among Nigerians.
In its Selected Food Prices Watch Report for July 2023, the NBS highlighted the following price hikes:
- The average price of 1kg of boneless beef surged by 30.17% year-on-year, from N2,118.84 in July 2022 to N2,758.13 in July 2023. On a month-on-month basis, it increased by 3.96%.
- The cost of 1kg of tomato on a year-on-year basis rose by 24.88%, from N446.81 in July 2022 to N557.96 in July 2023. On a month-on-month basis, it increased by 1.95%.
- 1kg of Brown Beans (sold loose) saw a year-on-year increase of 19.73%, rising from N562.55 in July 2022 to N673.53 in July 2023. On a month-on-month basis, the price went up by 3.44%.
- The price of 1kg of Onion bulb increased by 26.65% year-on-year, from N396.96 in July 2022 to N502.73 in July 2023. On a month-on-month basis, it increased by 2.38%.
- 1kg of yam tuber experienced a year-on-year increase of 38.40%, surging from N389.75 in July 2022 to N539.41 in July 2023. On a month-on-month basis, the price increased by 5.61%.
- 1 litre of Palm Oil’s price soared by 35.70% year-on-year, from N890.67 in July 2022 to N1208.62 in July 2023. On a month-on-month basis, it increased by 2.93%.
The report also analyzed prices across different states and zones:
- Anambra recorded the highest average price of 1kg of boneless beef at N3,500.84, while Kogi had the lowest at N1,812.44.
- Akwa Ibom had the highest price for 1kg of tomato at N1,001.73, whereas Kogi had the lowest at N220.00.
- Ebonyi recorded the highest price for 1kg of brown beans (sold loose) at N1,022.45, while Katsina had the lowest at N474.99.
- Abia had the highest average price of 1kg of Onion bulb at N819.00, while Kano had the lowest at N297.41.
- Akwa Ibom recorded the highest average price of 1kg of yam tuber at N999.61, with Adamawa having the lowest at N281.33.
- Ogun had the highest average price of 1 litre of Palm oil at N1,480, while Kogi had the lowest at N890.22.
The analysis by zone revealed disparities in food prices:
- The South-East had the highest average price of 1kg of boneless beef at N3,390.38, followed by the South-South at N2,805.91. The North-East had the lowest price at N2,418.44.
- The South-South and South-East recorded the highest average price of 1kg of tomato at N917.63 and N735.96, respectively, while the North-East had the lowest at N353.37.
- The South-East had the highest average price of 1kg of brown beans (sold loose) at N921.54, followed by the South-West at N731.48. The North-Central had the lowest price at N550.10.
As Nigerians grapple with these rising food costs, many are concerned about the economic impact on households and the need for strategies to mitigate the challenges posed by these price hikes.