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Nigerians pay on average 3.5% more for basic food items than one year ago – NBS

December 28, 20181.3K views0 comments

Nigerians pay on the average 3.5 per cent more for basic food items now
than they did about one year ago, the survey results from the National
Bureau of Statistics (NBS) has shown.
The report tagged ‘Selected Food Price Watch’ November 2018, released by
the stat office on Thursday revealed that the average price of 1kg of yam
tuber yam increased by 12.66 per cent year-on-year to N239.15 in November
2018 compared to N212.27 in November 2017.
According to the report, residents in Ogun state paid the highest price of
N359.93 for yam, while those in Taraba paid the lowest price of N109.97.
Also, the average price of piece of Agric eggs medium size (price of one)
increased year-on-year by 3.89 per cent to N42.40 in November 2018 from
N40.8 in October 2017. The commodity sold highest of N50 in Anambra state
and lowest of N35.4 in Gombe state.
Further analysis of the report showed that the average price of 1kg of
tomato increased year-on-year by 2.79 per cent to N294.36 in November 2018
from N286.38 in October 2018. Akwa Ibom and Kano paid the highest and
lowest prices of N483.72 and N127.97 respectively.
The report also showed that the average price of 1kg of rice (imported
high quality sold loose) increased year-on-year by 4.38 per to N376.63 in
November 2018 from N360.83 in October 2017.
The average price of one kilogramme of Irish potato rose by 13.6 per cent
year on year to N330.1 in November 2018 from N290.55 in November 2017. Imo
paid the highest of N475 while Taraba paid the lowest of N245.83 for the
commodity.
Average price of one kilogramme of Smoked Catfish rose by 75.87 per cent
year on year from N847.66 in November 2017 to N1490.84 in November 2018.
Yobe paid the highest of N1984.98 while Sokoto paid the lowest at N1062.5.
Average price of 1kg Chicken Feet, Groundnut oil Sweet potato and Onion
bulb also rose by 24.58; 19.8.; 32.6 and 25.9 per cents respectively.
However, some food items recorded lower prices year on year.
These included 1kg of Gari white, which dropped 27.12 per cent to N183.58
in November 2018 from N251.91 a year earlier, while white Maize grain
dropped 10.85 per cent to N165.02 from N185.12 a year earlier/
The NBS disclosed the food inflation rate in Nigeria  was highest in Edo
(2.68%), Kwara (2.67%) and Nasarawa (2.16%), while Bayelsa, Delta, Ebonyi,
Kaduna, Kogi, Taraba and Yobe all recorded food price deflation or
negative inflation (general decrease in the general price level of goods
and services or a negative inflation rate) in November 2018.
The composite food index rose by 13.30 per cent in November 2018 compared
to 13.28 per cent in October 2018.
Also, the average price of 1kg of rice (imported high quality sold loose)
increased year-on-year by 4.38% and month-on-month by 0.96% to N376.63 in
November 2018 from N373.04 in October 2018.
Notably, the slight pressure on the food inflation sub-index can be
attributed to rising demands for Agric. products in the run-up to December
festivity, offsetting the improvement in the supply of agricultural
produce in the run-up to the month in view as cases of farmland flooding
waned. On the other hand, the slowdown in the y/y core inflation sub-index
can be attributed to continued stability prices in the other components of
the sub-index except for energy prices which remained largely volatile
during the month.
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