Market Survey: Why Nigeria’s food prices increased February 2023 -NBS

*Nigeria’s National Bureau of Statistics ‘Selected Food Prices Watch Report’ released Friday, March 24 indicates prices of food items, such as yam, rice and beef experienced increases February this year

Isola Moses | ConsumerConnect

The National Bureau of Statistics (NBS) has stated that prices of food items, including yam, rice and beef experienced increases February 2023.

ConsumerConnect reports the disclosure is contained in NBS “Selected Food Prices Watch Report for February 2023” released Friday, March 24, in Abuja, FCT.

The report indicated the average price of 1kg beef boneless on a year-on-year basis, increased by 27.43 percent from N1,922.2 in February 2022 to N2,445.96 in February 2023.

“On a month-on-month basis, 1kg beef boneless increased by 1.12 per cent from N2,418.91 recorded in January 2023.”

The average price of 1kg rice (local, sold loose) increased on a year-on-year basis by 19.30 per cent from N436.58 February 2022 to N520.84 February 2023, said the NBS report.

It also stated: “On a month-on-month basis, the average price of this item increased by 1.17 percent from N514.83 in January 2023.’’

According to the regulatory agency, the average price of 1kg of tomato on a year-on-year basis, rose by 19.08 per cent from N393.08 in February 2022 to N468.09 in February 2023.

The report further said: “Also, on a month-on-month basis, 1kg of tomato increased by 0.22 per cent in February 2023.’’

The NBS showed the average price of one bottle of vegetable oil stood at N1,196.68 February 2023, indicating an increase of 25.91 percent from N950.46 recorded February 2022.

The agency noted: “On a month-on-month basis, it rose by 1.10 percent from N1,183.67 recorded in January 2023.’’

The report said the average price of 1kg yam tuber rose by 28.45 percent on a year-on-year basis from N339.76 in February 2022 to N436.41 in February 2023.

“On a month-on-month basis, 1kg tuber of yam increased by 1.17 percent from N431.36 in January 2023.’’

Likewise, the report said the average price of 1kg of onion bulb rose by 18.99 per cent on a year-on-year basis from N378.26 February 2022 to N450.07 February 2023.

It stated: “While on a month-on-month basis, the price rose by 2.41 percent.’’

The report said at the state level, the highest average price of 1kg beef boneless was recorded in Anambra at N3,103.26, while the lowest was recorded in Kogi at N1,770.00.

It said Cross River recorded the highest average price of 1kg Onion bulb with N1,058.61, while the lowest was reported in Adamawa at N194.44.

The market report as well noted that Abia recorded the highest price of Vegetable oil (1 bottle) at N1,615.24, while Benue recorded the lowest price at N710.00.

Analysis by zone showed that the average price of 1kg of Tomato was higher in the South-South and South-East at N812.55 and N649.03, respectively, while the lowest was recorded in the North-East at N232.78.

It said the South-South recorded the highest average price of 1kg Rice (local, sold loose) at N599.29, followed by the South-West with N599.12.

However, the NBC stated that “the lowest price was recorded in the North-West at N451.70.’’

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