According to the ‘Selected Food Price Watch’ report published monthly by the National Bureau of Statistics, food prices in Ebonyi and Abia states have experienced a significant 31% increase within the 12-month period from July 2022 to July 2023. The report covers various staple food items including rice, beans, bread, tomatoes, beef, wheat, garri, and palm oil. Notably, the price of yam saw the highest surge, rising by 42% from N389.75 in July 2022 to N539.41 in 2023. Other staples like rice, palm oil, garri, sliced bread, tomato, wheat, and beef also recorded substantial price hikes during this period.
Key Points:
- Food prices in Ebonyi and Abia states have witnessed a significant increase of 31% from July 2022 to July 2023, according to the National Bureau of Statistics’ ‘Selected Food Price Watch’ report.
- The report monitors prices of staple foods such as rice, beans, bread, tomatoes, beef, wheat, garri, and palm oil.
- Notably, yam prices saw the highest surge, increasing by 42% from N389.75 in July 2022 to N539.41 in 2023.
- The price of one kilogram of rice rose from N467.80 to N653.49 within the 12-month period.
- Palm oil prices experienced a 35% increase, rising from N890.67 to N1208.62 during the period under review.
- Other staple foods like garri (1kg) and sliced bread (500g) also saw significant increases of 33% and 34% respectively.
- Additionally, the prices of tomato (1kg), wheat (2kg), and beef recorded notable spikes.
- Further analysis revealed that South-Eastern states, led by Abia and Ebonyi, reported the highest food prices during this 12-month period.
- Conversely, states in the North Central region (Kogi, Niger, Benue) recorded the lowest food prices during the same period.
- The latest Consumer Price Index from the National Bureau of Statistics reported a food inflation rate of 29.34% in August, a primary factor contributing to the increase in headline inflation from 24.08% in July to 25.80% in August.
- The rise in food inflation was attributed to increased prices of various items including oil, fat, bread, cereals, fish, fruit, meat, vegetables, potatoes, yam, and other tubers, as well as dairy and egg products.
Analysis: The significant surge in food prices in Ebonyi and Abia states highlights the challenges faced by consumers due to inflationary pressures. Factors such as increased costs of production, transportation, and other supply chain disruptions likely contribute to this rise. The specific increases in prices of key staples like yam, rice, and palm oil underscore the broader impact on household budgets. It’s crucial for policymakers to address these inflationary pressures to ensure food security and affordability for citizens.
Background: The ‘Selected Food Price Watch’ report by the National Bureau of Statistics provides valuable insights into the trends and fluctuations in food prices, which have a direct impact on the cost of living for citizens. Understanding these dynamics is essential for formulating effective economic policies.