Food Inflation: NBS says prices soars by 31%

An analysis of the ‘Selected Food Price Watch,’ a report published on a monthly basis by the National Bureau of Statistics reveals that food prices jumped by 31 per cent within 12 months within the period July 2022 to July 2023.

The selected food items considered in the report include staples like rice(1kg), beans(1kg), bread (500g), tomatoes, beef, wheat (2kg), garri(1kg) and palm oil (1 bottle).

According to the reports, the highest food price increase was recorded in the price of yam, which jumped by 42 per cent, from N389.75 in July 2022 to N539.41 in 2023.

This was closely followed by the price of one kilogram of rice, which increased from N467.80 to N653.49 within 12 months.

In the same vein, the price of palm oil went up by 35 per cent, from N890.67 to N1208.62 during the period in review with Ebonyi and Abia as states that are disproportionately impacted.