Ebonyi and Abia States led as food prices jumped by 31 per cent within 12 months from July 2022 to July 2023.
This is according to an analysis of the ‘Selected Food Price Watch,’ a report published on a monthly basis by the National Bureau of Statistics (NBS)
The selected food items include staples such as rice(1kg), beans(1kg), bread (500g), tomatoes, beef, wheat (2kg), garri(1kg) and palm oil (1 bottle).
According to the reports, the highest food price increase was recorded in the price of yam, which jumped by 42 per cent, from N389.75 in July 2022 to N539.41 in 2023.
This was closely followed by the price of one kilogram of rice, which increased from N467.80 to N653.49 within 12 months.
In the same vein, the price of palm oil went up by 35 per cent, from N890.67 to N1208.62 during the period in review.
Other staple foods which contributed to the food price hike included Garri (1kg), which increased by 33 per cent, from N323.17 to N429.89. 500g of sliced bread also increased from N486.27 to N651.78 (+34 per cent).
kilogram of tomato (N446.81 to N557.96), Wheat (2kg) (N1094.72 to N1419.14), and Beef (N2118.84 to N2758.13), also accounted for some of the staple food items which recorded significant price spikes.
Further analysis of the report showed that South-Eastern states, led by Abia and Ebonyi recorded the highest food prices during the twelve-month period.
On the other hand, states within the North Central (Kogi, Niger, Benue) recorded the lowest food prices during this time.
In its latest Consumer Price Index, a report which measures inflation, the NBS had said food inflation rate in August, which was 29.34 per cent, was the primary factor which pushed headline inflation from 24.08 in July to 25.80 in August.
The NBS said, “The rise in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, fish, fruit, meat, vegetables and potatoes, yam and other tubers, vegetable, milk, cheese and eggs”.
Meanwhile, the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has called on the Federal Government to find ways to ensure stability of gas prices and make it available to the common Nigerians.
The NALPGAM National President, Abideen Olatunbosun, made this call during the 36th annual general meeting/conference of the association, with the theme, ‘Expanding gas utilisation beyond imagination’, in Ibadan, Oyo State.
He explained that if nothing was done to the increase in price, gas would soon be a commodity for the few rich.
Olatunbosun said, “It is very vital for me to say that the galloping hike in the price of gas in recent times stands as a big challenge to LPG marketers. The government need to find ways to ensure the stability of gas price as well as make gas available to the common Nigerians. If nothing is done to the increase in price, gas will soon be a commodity for the few rich in our society.”
“As a country, we need to improve on our gas utilisation level. If we adopt gas, it will save our forest, improve quality of our lifestyle and the economy will grow. The hike in price of gas is a concern to all.”
In his lecture, the Guest Speaker, Prof Sunday Isehunwa of the Department of Petroluem Engineering, Faculty of Technology, University of Ibadan, identified changes in demand, changes in supply, natural gas production and consumption, changes in price and electricity pricing as some challenges facing LPG market in the country.