In August 2023, the NBS Food Price Watch report shows that there was a continuous increase in food prices for the month.
For example, the average price for 1kg of Rice locally sold loose in August 2023 according to the report was N738.74.
This reflects a substantial 62.68 per cent year-on-year increase from August 2022 (N454.10). On a month-on-month basis, there was a 13.04 per cent increase from July 2023 (N653.49).
Other food items included in the report show that the average price for 1kg of Beef boneless in August 2023 was N2,799.51.
This represents a 30.75 per cent increase compared to August 2022 (N2,141.18).
On a month-on-month basis, there was a 1.50 per cent increase from July 2023 (N2,758.13).
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The average price for 1kg of Beans brown (sold loose) in August 2023 was N692.95.
This indicates a 27.00 per cent year-on-year increase from August 2022 (N545.61).
On a month-on-month basis, there was a 3.88 per cent increase from July 2023 (N673.53).
The average price for 1kg of Onion bulb in August 2023 was N513.29.
This represents a 30.54 per cent year-on-year increase from August 2022 (N393.22).
On a month-on-month basis, there was a 2.10 per cent increase.
The average price for 1kg of Yam tuber in August 2023 was N576.39.
This reflects a significant 42.80 per cent year-on-year increase from August 2022 (N403.65).
On a month-on-month basis, there was a 6.86 per cent increase from July 2023 (N539.41).
Vegetable oil (one bottle): The average price for one bottle of vegetable oil in August 2023 was N1,389.14. This indicates a 32.36 per cent year-on-year increase from August 2022 (N1,049.49).
On a month-on-month basis, there was a 1.76% increase from July 2023 (N1,365.17).
In the regional analysis, the South-East had the highest average price for 1kg of Beef boneless (N2,234.60), followed by the South-South (N2,312.05), and the North-Central had the lowest (N1,960.65).
The South-East and South-South had the highest average prices for 1kg of Rice locally sold loose (N887.13 and N809.15, respectively), while the North-Central had the lowest (N612.78).
The South-East had the highest average price for 1kg of Beans brown (sold loose) (N945.63), followed by the South-West (N750.00), and the North-Central had the lowest (N567.67).
The South-East and South-South had the highest average prices for 1kg of Onion bulb (N712.01 and N699.47, respectively), while the North-East had the lowest (N355.56).
The South-West had the highest average price for 1kg of Yam tuber (N766.48), followed by the South-South (N721.37), and the North-East had the lowest (N361.21).
The North-Central recorded the highest average price for 1 bottle of Vegetable oil (N1,335.56), followed by the North-East (N1,297.21), and the South-West had the lowest (N920.00)
