Foodstuff Prices Skyrockets in Nigeria Markets – Survey Report

Foodstuff Prices Skyrockets in Nigeria Markets – Survey Report

By Benjamin Elliot, Abuja

A survey conducted by the National Bureau of Statistics made available in a report issued to newsmen in Abuja suggested that the price of foodstuff in Nigeria increased in July.  

According to the report, the average price of 1kg of boneless beef increased by 30.17 per cent from N2,118.84 recorded in July 2022 to N2,758.13 in July 2023.

The report stated that the average price of 1kg of boneless beef increased by 30.17 per cent from N2,118.84 recorded in July 2022 to N2,758.13 in July 2023.

“On a month-on-month basis, 1kg of boneless beef increased by 3.96 per cent per cent in July from the N2,653.02 recorded in June 2023.”

It said the average price of 1kg of tomato on a year-on-year basis rose by 24.88 per cent from N446.81 in July 2022 to N557.96 in July 2023.

“On a month-on-month basis, 1kg of tomato increased by 1.95 per cent in July from the N547.28 recorded in June 2023.”

Similarly, the report stated that the average price of 1kg of Brown Beans (sold loose) increased by 19.73 per cent on a year-on-year basis from N562.55 in July 2022 to N673.53 in July 2023.

“On a month-on-month basis, the price increased by 3.44 per cent from the N651.12 recorded in June 2023.”

The NBS said the average price of 1kg of Onion bulb rose by 26.65 per cent on a year-on-year basis from N396.96 in July 2022 to N502.73 in July 2023.

“On a month-on-month basis, the price increased by 2.38 per cent in July from the N491.04 recorded in June 2023,” the NBS added.

The report stated that the average price of 1kg yam tuber increased by 38.40 per cent on a year-on-year basis from N389.75 in July 2022 to N539.41 in July 2023.

“On a month-on-month basis, 1kg yam tuber increased by 5.61 per cent from the N510.77 recorded in June 2023.”

It said that the average price of 1 litre of Palm Oil increased by 35.70 per cent on a year-on-year basis, from N890.67 in July 2022 to N1208.62 in July 2023.

“On a month-on-month basis, it increased by 2.93 per cent in July from the N1174.20 recorded in June 2023. ”

On state profile analysis, the report showed that the highest average price of 1kg of boneless beef was recorded in Anambra at N3,500.84, while the lowest was recorded in Kogi state at N1,812.44.

It stated that Akwa Ibom recorded the highest price of 1kg of Tomato at N1,001.73, while the lowest price was recorded in Kogi at N220.00

The report stated that Ebonyi recorded the highest price of 1kg of

beans brown (sold loose) at N1,022.45, while the lowest price was recorded in Katsina at N474.99.

The NBS said the highest average price of 1kg of Onion bulb was recorded in Abia at N819.00, while the lowest price was recorded in Kano at N297.41.

In addition, the highest average price of 1kg of Yam tuber was recorded in Akwa Ibom at N999.61, while the lowest was recorded in Adamawa at N281.33.

The report stated that Ogun recorded the highest average price of 1 litre of Palm oil at N1,480 while Kogi recorded the lowest price at N890.22.

Analysis by zone showed that the average price of 1kg of boneless beef was highest in the South-East at N3,390.38, followed by the South-South at N2,805.91, while the lowest price was recorded in the North-East at N2,418.44.

The South-South and South-East recorded the highest average price of 1kg of Tomato at N917.63 and N735.96 respectively, while the lowest price was recorded in the North-East at N353.37.

The report stated that the South-East recorded the highest average price of 1kg of brown Beans (sold loose) at N921.54, followed by the South-West at N731.48.

“North-Central recorded the lowest price at N550.10,” the NBS stated.