Despite the several measures put in place by the federal government of Nigeria to cushion the rising cost of food items, a fresh report on Selected Food Price Watch in July by the National Bureau of Statistics (NBS) has shown that prices still remain high.
Ripples Nigeria reports that the Minister of agriculture and food security, Abubakar Kyari recently revealed plans by the FG to crash the prices of food items .
The initiatives include; a 150-day Duty-Free import window for food commodities, suspension of duties, tariffs, and taxes on imports of specific food commodities, including maize, husked brown rice, wheat, and cowpeas, through land and sea borders.
However, according to the report by the NBS, some selected food items witnessed a surge month-to-month.
For example, the prices of beans, garri and eggs rose on a month-on-month and year-on-year basis amid economic hardship.
Specific breakdown of the report showed that 1 kilogram of brown beans rose by 262.98 percent to N2,444.81 on a year-on-year basis in July 2024 from N673.53 last year.
This is as beans also recorded 6.63 percent rise in price on a month-on-month basis from N2,292.76 in June 2024.
Also, agric eggs medium size (12 pieces) experienced significant price increases year on year by 92.3 percent to N1,935.69 in July 2024 from N1,006.64 in July of last year (2023) to June 2024.
On a month-on-month basis, the average price of the item rose by 12.11 percent from N1,935.69 in June 2024.
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Furthermore, the average price of 1kg garri white went up by 167.98 percent on a year-on-year basis from N429.89 in July 2023 to N1,151.79 in July 2024, while there was an increase of 1.43 percent on a month-on-month basis.
However, the prices of tomatoes and yams dropped on a month-on-month basis while still very high on year-to-year basis.
The price of tomatoes 1kg on a month-on-month basis decreased by -26.43 percent to N1,693.83 from N2,302.26 in June 2024. This is despite recording a 203.57 percent increase on a year-on-year basis from N557.96 in July 2023 to N1,693.83 in July 2024.
Similarly, the average price of 1kg of yam tuber decreased by -10.82% N1,802.84 from N 2,021.55 in June 2024.
This is as the yam increased by 234.23 percent on a year-on-year basis from N539.41 in July 2023 to N1,802.84 in July 2024.
The state profile analysis in July 2024 reveals that the highest average price of 1kg of Bean Brown (sold loose) was recorded in Rivers state at N 3,070.96 while the lowest was in Adamawa state at N 1,532.23.
The highest average price of 1kg of Tomato was recorded in Osun at N 3,000 while the lowest was in Kaduna State at N761.45.
Regarding the average price of 1kg of yam tuber, Kwara state recorded the highest price at N 3,894.08, while Adamawa recorded the lowest price at N742.95. Gombe recorded the highest average price of 1kg Garri white sold loose at N1,624.72, while the lowest was reported in Taraba at N 892.98.
By: Babajide Okeowo
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