Nige­ri­ans pay 3.5% more for food

Business a.m. - - FRONT PAGE - Nse An­thony-Uko in Abuja

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.

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