NBS Says Food Prices Spiked In February

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Prices of food items such as yam, rice and beef witnessed increases in February, according to the National Bureau of Statistics (NBS).

In the NBS Selected Food Prices Watch Report for February 2023 released on Friday in Abuja, Nigeria’s Federal Capital Territory (FCT), it was stated that the average price of one kilogramme of beef boneless on a year-on-year basis, increased by 27.43 per cent from N1,922.2 in February 2022 to N2,445.96 in February 2023.

“On a month-on-month basis, one kilogramme beef boneless increased by 1.12 per cent from N2,418.91 recorded in January 2023,” the report said.

It revealed that the average price of one kilogramme rice (local, sold loose) increased on a year-on-year basis by 19.30 per cent from N436.58 in February 2022 to N520.84 in February 2023.

The report said: “On a month-on-month basis, the average price of this item increased by 1.17 per cent from N514.83 in January 2023.’’

The document also said the average price of one kilogramme of tomato on a year-on-year basis, rose by 19.08 per cent from N393.08 in February 2022 to N468.09 in February 2023.

“Also, on a month-on-month basis, one kilogramme of tomato increased by 0.22 per cent in February 2023,” the report observed.

It noted that the average price of one bottle of vegetable oil stood at N1,196.68 in February 2023, showing an increase of 25.91 per cent from N950.46 recorded in February 2022.

“On a month-on-month basis, it rose by 1.10 per cent from N1,183.67 recorded in January 2023,’’ the report said.

According to the report, the average price of one kilogramme yam tuber rose by 28.45 per cent on a year-on-year basis from N339.76 in February 2022 to N436.41 in February 2023.

“On a month-on-month basis, one kilogramme tuber of yam increased by 1.17 per cent from N431.36 in January 2023,’’ the publication declared.

It said that the average price of one kilogramme of onion bulb rose by 18.99 per cent on a year-on-year basis from N378.26 in February 2022 to N450.07 in February 2023.

“While on a month-on-month basis, the price rose by 2.41 per cent,’’ the report noted.

It said that at the state level, the highest average price of one kilogramme beef boneless was recorded in Anambra at N3,103.26, while the lowest was recorded in Kogi at N1,770.00.

It said that Cross River recorded the highest average price of one kilogramme onion bulb with N1,058.61, while the lowest was reported in Adamawa at N194.44.

The report said that Abia recorded the highest price of vegetable oil (one bottle) at N1,615.24, while Benue recorded the lowest price at N710.00.

The NBS reported that analysis on geopolitical zonal level showed that the average price of one kilogramme of tomato was higher in the South-South and South-East at N812.55 and N649.03, respectively, while the lowest was recorded in the North-East at N232.78.

It said that the South-South recorded the highest average price of one kilogramme rice (local, sold loose) at N599.29, followed by the South-West with N599.12.

“The lowest price was recorded in the North-West at N451.70,’’ the report added.

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