Food prices surged by 31% in a 12-month period from July 2022 to July 2023, with Ebonyi and Abia states taking the lead.

This information is based on an analysis from the monthly ‘Selected Food Price Watch’ report by the National Bureau of Statistics.

The report covers various essential food items, including rice (1kg), beans (1kg), bread (500g), tomatoes, beef, wheat (2kg), garri (1kg), and palm oil (1 bottle).

According to the report, the highest food price increase was seen in yam prices, which rose by 42% from N389.75 in July 2022 to N539.41 in 2023.

One kilogram of rice also saw a significant increase, going from N467.80 to N653.49 within 12 months.

Similarly, the price of palm oil increased by 35%, from N890.67 to N1208.62 during the review period.

Other staple foods that contributed to the food price hike included Garri (1kg), which increased by 33% from N323.17 to N429.89, and 500g of sliced bread, which went up from N486.27 to N651.78 (+34%).

Additionally, the prices of a kilogram of tomatoes (N446.81 to N557.96), Wheat (2kg) (N1094.72 to N1419.14), and Beef (N2118.84 to N2758.13) also experienced significant increases.

Further analysis of the report revealed that South-Eastern states, particularly Abia and Ebonyi, had the highest food prices during the twelve-month period.

Conversely, states in the North Central region (Kogi, Niger, Benue) had the lowest food prices during this time.

In the latest Consumer Price Index report, which measures inflation, the NBS stated that the food inflation rate in August, at 29.34%,

was the primary factor contributing to the increase in headline inflation from 24.08% in July to 25.80% in August.

By Chinedu

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