Food Prices Soar in Nigeria – NBS

The National Bureau of Statistics (NBS), said that prices of food items such as yam, beans and beef witnessed increases in March. This is contained in NBS Selected Food Prices Watch Report for March 2023 released in Abuja on Wednesday.

The report said the average price of 1kg beef boneless on a year-on-year basis, increased by 25.05 per cent from N1, 982.92 in March 2022 to N2, 479.61 in March 2023.

“On a month-on-month basis, 1kg beef boneless increased by 1.38 per cent from N2, 445.96 recorded in February 2023.” The report also said the average price of 1kg of tomato on a year-on-year basis, rose by 13.81 per cent from N409.96 in March 2022 to N466.60 in March 2023.

“However, on a month-on-month basis, 1kg of tomato declined by 0.32 per cent from N468.09 recorded in February 2023. The report also showed that the average price of 1kg of brown beans (sold loose) increased by 13.13 per cent on a year-on-year basis, from N527.66 in March 2022 to N596.96 in March 2023.

“On a month-on-month basis, it increased by 0.47 per cent from N594.15 recorded in February 2023.” Similarly, it said the average price of 1kg of onion bulb rose by 17.37 per cent on a year-on-year basis, from N378.59 in March 2022 to N444.37 in March 2023.

“While on a month-on-month basis, it dropped by 1.27 per cent from N450.07 recorded in February 2023.” The report said the average price of 1kg of Yam tuber rose by 25.30 per cent on a year-on-year basis from N353.56 in March 2022 to N443.02 in March 2023.

“On a month-on-month basis,1kg tuber of yam increased by 1.51 per cent from N436.41 recorded in February 2023.” In addition, the average price of one bottle of vegetable oil stood at N1, 220.62 in March 2023, showing an increase of 25.80 per cent from N970.29 recorded in March 2022.

“On a month-on-month basis, it rose by 2.00 per cent from N1, 196.68 recorded in February 2023.” The report said at the state level, the highest average price of 1kg of beef (boneless) was recorded in Anambra at N3,107.44, while the lowest was recorded in Kogi at N1,778.00.

It said Edo recorded the highest price of tomato at N901.23, while Kogi recorded the least at N196.41. The report said Ebonyi recorded the highest price of beans brown (sold loose) at N906.00, while Kebbi recorded the lowest at N352.70.

It said Cross River state recorded the highest average price of 1kg of onion bulb at N981.86, while Taraba recorded the lowest at N205.50 The NBS said the price of 1kg of yam was highest in Akwa Ibom at N900.80, while Taraba recorded the lowest at N188.60.

The report said Abia recorded the highest price of Vegetable oil (1 bottle at N1,618.21, while Benue recorded the lowest at N720.00.

Analysis by zone showed that the average price of 1kg of beef (boneless) was highest in the South-East at N3,044.46, while the North-Central recorded the lowest at N2,077.44.

It said the average price of 1kg of tomato was highest in the South-South at N811.13, while the lowest was recorded in the North-East at N237.52.

The report said the South-East recorded the highest average price of 1kg of brown beans (sold loose) at N793.71, while the lowest was recorded in the North-East at N479.30.