- As prices of local products drop
The National Bureau of Statistics (NBS) has disclosed that the prices of selected food items increased in July 2022 when compared to their prices in the corresponding month of last year.
In its selected food prices watch report for July 2022 released in Abuja recently, NBS stated that the average price of 1kg of beans rose by 23.22 per cent from N444.21 in July 2021 to N547.38 in July 2022.
On a month-on-month basis, the price increased by 2.09 per cent from N536.17 in June to N547.38 in July 2022, it added.
It also stated that the average price of 1kg of tomatoes increased on a yearly basis by 7.71 per cent from N446.81 in July 2021 to N446.83 in July 2022, while the average price of 1kg beef in July 2022 increased by 27.58 per cent from N660.76 in July last year to N853.12 in July 2022.
The NBS also stated that the average price of all products increased dramatically, adding that the price of groundnut oil stood at N858.03, amounting to an increase of 40.24 per cent in July 2022, while the average price of a bottle of groundnut oil stood at N1,078.11 in July 2022, showing an increase of 40.24 per cent from N768.91 in July 2021.
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It added that the average price of 1kg of local rice increased on a year-on-year basis by 13.55 per cent from N411.77 in July 2021 to N630.10 in July 2022, while the average price of a bottle of palm oil stood at N890.67 in July 2022, showing an increase of 40.19 per cent from the N655.31 recorded in July 2021.
State by state analysis showed that Ebonyi recorded the highest average increase in the price of 1kg of beans in July 2021 at N900.51, while the lowest price was recorded in Borno State at N317.73.
However, The Trumpet investigation at Sabo Market in Ikorodu and Mile 12 International Foodstuff Market in Lagos, showed that the prices of the local food items reduced marginally, as the price of white garri, otherwise called ‘Bendel garri’ that sold for N800 per rubber paint in June sold for N700 in July.
While Ijebu garri that sold for N700 per paint in June 2021 sold for N600 or N650 per paint depending on the quality and seller, The Trumpet findings showed that four big new yams that were sold for between N6,500 and N7000 in June 2021, sold for between N5,000 and N6,000 depending on the seller and the buyer’s banging power.
While a bunch of plantain that was sold for about N2,500 and N2,800 in July 2021 increased to between N3,000 and N3,500 in July 2022, the price of local rice dropped marginally from about N32,000 to N30,000 depending on the brand and seller in July 2021 to between N30,000 and N27,500 in July 2022 depending on the brand and quality.
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