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Reading: NBS: January Records Increase in Food Prices
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Nigeria

NBS: January Records Increase in Food Prices

The National Bureau of Statistics (NBS) has released its Selected Food Prices Watch Report for January 2023, which reveals that the prices o...

Chima Joseph Ugo
Chima Joseph Ugo - Editor-in-chief March 02, 2023
Updated March 2, 2023 at 11:59 AM
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NBS: January Records Increase in Food Prices
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NBS: January Records Increase in Food Prices
The National Bureau of Statistics (NBS) has released its Selected Food Prices Watch Report for January 2023, which reveals that the prices of food items such as yam, rice, and beef have increased. 

The report states that the average price of 1kg boneless beef rose by 29.72% on a year-on-year basis, from N1,864.70 in January 2022 to N2,418.91 in January 2023. On a month-on-month basis, the price of 1kg of boneless beef increased by 1.75% from N2,377.29 recorded in December 2022.

The report also shows that the average price of 1kg rice (local, sold loose) increased on a year-on-year basis by 19.67%, from N430.21 in January 2022 to N514.83 in January 2023. On a month-on-month basis, the average price of 1kg rice increased by 1.71% from N506.17 recorded in December 2022. 

The average price of 1kg tomato increased by 27.26% on a year-on-year basis, from N367.01 in January 2022 to N467.04 in January 2023. On a month-on-month basis, the price of 1kg tomato increased by 1.88% from N458.42 recorded in December 2022.

The NBS report shows that the average price of 1kg brown beans (sold loose) rose by 19.06% on a year-on-year basis, from N498.85 recorded in January 2022 to N593.96 in January 2023. 

On a month-on-month basis, the price of 1kg brown beans increased by 1.33% from N586.14 recorded in December 2022. 

The average price of one bottle of palm oil increased by 29.62% from N805.45 in January 2022 to N1,044.04 in January 2023. On a month-on-month basis, the item grew by 1.94% from the N1,024.13 recorded in December 2022.

The report also states that the average price of one bottle of vegetable oil stood at N1,183.67 in January 2023, showing an increase of 28.55% from N920.76 recorded in January 2022. 

On a month-on-month basis, it rose by 1.89% from N1,161.76 recorded in December 2022. The average price of one tuber of yam stood at N431.36 in January 2023, showing an increase of 30.22% from N331.24 in January 2022. 

On a month-on-month basis, one tuber of yam increased by 1.38% from N425.48 recorded in December 2022.

Moreover, the average price of 1kg onion bulb rose by 21.28% on a year-on-year basis, from N368.10 in January 2022 to N446.44 in January 2023. On a month-on-month basis, the price of 1kg onion bulb rose by 2.41% from N435.93 in December 2022. 

The report also reveals that the average price of pre-packed wheat flour (golden penny 2kg) increased by 26.82% on a year-on-year basis, from N974.87 in January 2022 to N1,236.31 in January 2023. On a month-on-month basis, the price of pre-packed wheat flour rose by 2.69%

(NAN)

Tags: Nigeria

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