Food prices surge as cash crunch bites harder

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

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

Headline inflation (all goods and services) rose to 21.82 per cent compared to 21.34 per cent in December.

The January inflation rate showed an increase of 0.47 per cent points when compared to December 2022 inflation rate, NBS said in its inflation report.

In recent months, Nigerians faced an unprecedented cash crunch as a result of the naira redesign policy of the Central Bank of Nigeria (CBN).

The crisis plunged many citizens into hardship, with numerous others finding it extremely difficult to meet their basic needs.

Food prices

In its ‘Selected Food Price Watch’ data for January 2023, published on Wednesday, the bureau said the average price of 1kg beef boneless increased year-on-year by 29.72 per cent from the value recorded in January 2022 ((N1,864.70), and 1.75 per cent on a month-on-month basis from N2,377.29 in December 2022.

It said the average price of 1kg beans brown sold loose increased on a year-on-year basis by 19.06 per cent from N498.85 in January 2022 to N593.96 in January 2023.

“On a month-on-month basis, the average price of this item increased by 1.33 per cent in January 2023,” the statistical office said.

The average price of 1kg of Rice (locally sold loose) on a year-on-year basis rose by 19.67 per cent from N430.21 in January 2022 to N514.83 in January 2023. Also, on a month-on-month basis, it increased by 1.71 per cent from N506.17 in December 2022.

Similarly, the report said the average price of 1kg of Onion bulb rose by 21.28 per cent on a year-on-year basis from N368.10 in January 2022 to N446.44 in January 2023. While on a month-on-month basis, the price rose by 2.41 per cent.

According to the report, the average price of Vegetable oil (1 bottle, specify bottle) stood at N1,183.67 in January 2023, showing an increase of 28.55 per cent from N920.76 in January 2022.

On a month-on-month basis, it rose by 1.89 per cent from N1,161.76 in December 2022.

States

At the state level, the highest average price of 1kg of beans brown sold loose was recorded in Ebonyi at N912.56, while the lowest was recorded in Kebbi at N350.99.

It added that Cross River recorded the highest average price of 1kg Onion bulb at N1,067.53, while the lowest was reported in Adamawa at N189.05.

Imo recorded the highest price of Vegetable oil (1 bottle, specify bottle) at N1,649.28, while Benue recorded the lowest at N708.03.

Data on a regional basis showed that the average price of 1kg Beef boneless was higher in the South East and South-South at N3,002.13 and N2,671.04 respectively, while the lowest was recorded in the North-East at N2,079.20.

The South-south recorded the highest average price of 1kg Rice (locally sold loose) at N604.54, followed by the South-West at N536.19, while the lowest was recorded in the North-West at N443.54.