Nigerians pay 3.5% more for food

NIGERIANS PAID 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,

NI GER IAN S PAID 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.