Food Prices Hike in July – NBS Report

By Tolulope Oke

According to the National Bureau of Statistics (NBS) latest report, there was an increased cost of some food items in the month of July. 

This comes on the heels of the report from NBS revealing that Nigeria’s inflation rate increased to 19.64 percent on a year-on-year basis in July.

NAN reports that the average price of 1kg of tomatoes increased on a year-on-year basis by 7.71 per cent from N414.83 in July 2021 to N446.81 in July 2022.

The average price of 1kg beef (boneless) in July 2022 was N2,118.84, an increase of 27.58 per cent from the N1,660.76 recorded in July 2021.

Also, the NBS reported that the average cost of a bottle of groundnut oil was N1,078.17 in July 2022, up from N768.81 in July 2021 by 40.24%.

The average cost of a kilogram of white beans increased from N444.21 in July 2021 to N547.38 in July 2022, a 23.22 percent increase.

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It added that the average price of 1kg of local rice increased on a year-on-year basis by 13.55 per cent from N411.97 in July 2021 to N467.80 in July 2022.

The average price of one bottle of palm oil stood at N890.67 in July 2022, showing an increase of 40.19 per cent from the N635.31 recorded in July 2021.

The state-by-state analysis showed that Ebonyi recorded the highest average price of 1kg of white beans in July 2022 at N900.51, while the lowest price was recorded in Borno at N317.73.

According to the research, Edo had the highest average price per kilogram of tomatoes at N799.16, while Taraba had the lowest at N159.14.

A kilogram of local rice cost the most in Rivers at N619.62, while Jigawa had the lowest price at N363.34.

The South-east had the highest average price for brown beans at N853.19 per kilogram, followed by the South-west at N598.00, and the North-east recorded the lowest at N379.03, according to a zone-by-zone analysis.

Furthermore, the average cost of a kilogram of local rice was N796.03 in the North-West, the highest price ever recorded in July 2022, and N519.64 in the South-West.

According to the report, the North-central region had the lowest price for 1 kg of domestic rice at N401.72.