He National Statistics Office (NBS) said on Friday that prices of some foods in Nigeria increased in February.
The spike in food prices came amid uncertainties Nigerians are facing due to a shortage of the redesigned Naira banknotes.
The inflation rate rose to 21.91 percent in February from 21.82 percent in January. The February inflation rate showed an increase of 0.09 percentage point compared to the January headline inflation rate, the NBS said in its inflation report.
In recent months, Nigerians have faced an unprecedented cash crunch as a result of the Central Bank of Nigeria’s (CBN) naira redesign policy. The crisis has plunged many citizens into hardship, and many others find it extremely difficult to meet their daily needs.
food prices
In its ‘Selected Food Price Watch’ data for February 2023, released on Friday, the bureau said the average price of 1kg of boneless beef increased year-over-year by 27.43 percent from the value registered in February 2022 (N1,922.2), and 1.12% per month from N2,418.91 in January 2023.
It said the average price of 1 kg of tomato increased year on year by 19.08 percent from N393.08 in February 2022 to N468.09 in February 2023.
“Month-over-month, the average price of this item increased 0.22 percent in February 2023,” the statistical office said.
The average price of 1 kg of rice (sold locally loose) increased 19.30% yoy, from N436.58 in February 2022 to N520.84 in February 2023. Also, month on month, it increased 1.17% from N514.83 in January 2023.
Similarly, the report says that the average price of 1kg onion bulb increased 18.99% yoy from N378.26 in Feb 2022 to N450.07 in Feb 2023. While month-on-month, the price rose 0.81 percent.
According to the report, the average price of 1 kg of yam tuber increased 28.45% year on year, from N339.76 in Feb 2022 to N436.41 in Feb 2023. It increased 1.17% from N431.36 in January 2023.
He noted that the average price of vegetable oil (1 bottle, specify bottle) stood at N1,196.68 in February 2023, which shows an increase of 25.91% from N950.46 in February 2022.
On a monthly basis, it increased 1.10% from N1,183.67 in January 2023.
state
At the state level, the highest average price of 1 kg of boneless beef was registered in Anambra with N3,103.26, while the lowest was registered in Kogi with N1,770.00.
He added that Cross River recorded the highest average price for 1kg onion bulb at N1,058.61, while the lowest was recorded in Adamawa at N194.44.
Abia posted the highest price for vegetable oil (1 bottle) at N1,615.24, while Benue posted the lowest at N710.00.
The regional data showed that the average price of 1 kg of tomato was highest in the South-South and the Southeast with N812.55 and N649.03 respectively, while the lowest was registered in the Northeast with N232.78.
The South-South recorded the highest average price for 1 kg of rice (sold loose locally) at N599.29, followed by the South-West at N599.12, while the lowest was recorded in the North-West at N451.70.
