How Food Prices Surged Across Nigeria In February Amid Cash Crunch – Report

The National Bureau of Statistics (NBS) on Friday said the prices of some food items in Nigeria increased in February.

The increase in food prices came amid the uncertainties faced by Nigerians due to the scarcity of the redesigned Naira notes.

The inflation rate rose to 21.91 per cent in February compared to 21.82 per cent in January. The February inflation rate showed an increase of 0.09 per cent points when compared to January’s headline inflation rate, NBS said in its inflation report.

In recent months, Nigerians have faced an unprecedented cash crunch as a result of the naira redesign policy of the Central Bank of Nigeria (CBN). The crisis has plunged many citizens into hardship, with numerous others finding it extremely difficult to meet their daily needs.

Food prices
In its ‘Selected Food Price Watch’ data for February 2023, published on Friday, the bureau said the average price of 1kg beef boneless increased year-on-year by 27.43 per cent from the value recorded in February 2022 (N1,922.2), and 1.12 per cent on a month-on-month basis from N2,418.91 in January 2023.

It said the average price of 1kg of Tomato increased on a year-on-year basis by 19.08 per cent from N393.08 in February 2022 to N468.09 in February 2023.

“On a month-on-month basis, the average price of this item increased by 0.22 per cent in February 2023,” the statistical office said.

The average price of 1kg of Rice (locally sold loose) on a year-on-year basis rose by 19.30 per cent from N436.58 in February 2022 to N520.84 in February 2023. Also, on a month-on-month basis, it increased by 1.17 per cent from N514.83 in January 2023.

Similarly, 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 in February 2022 to N450.07 in February 2023. While on a month-on-month basis, the price rose by 0.81 per cent.

According to the report, the average price of 1kg Yam tuber on a year-on-year basis rose by 28.45 per cent from N339.76 in February 2022 to N436.41 in February 2023. On a month-on-month basis, it increased by 1.17 per cent from N431.36 in January 2023.

It noted that the average price of Vegetable oil (1 bottle, specify bottle) stood at N1,196.68 in February 2023, showing an increase of 25.91 per cent from N950.46 in February 2022.

On a month-on-month basis, it rose by 1.10 per cent from N1,183.67 in January 2023.

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 added that Cross River recorded the highest average price of 1kg onion bulb at N1,058.61, while the lowest was reported in Adamawa at N194.44.

Abia recorded the highest price of vegetable oil (1 bottle) at N1,615.24, while Benue recorded the lowest at N710.00.

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Data on a regional basis 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.

The South-south recorded the highest average price of 1kg rice (locally sold loose) at N599.29, followed by the South-west at N599.12, while the lowest was recorded in the North-west at N451.70.

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