Business
Inflation: Food prices hit rooftop
Latest statistics released by the National Bureau of Statistics, NBS, shows that the prices of selected food items hit the rooftop nationwide in November.
In the NBS Food Price Watch Report, prices of beef, rice, tomatoes, brown beans, vegetable oil and cassava flour have continued to rise respectively.
It stated that the average price of 1kg boneless beef on a year-on-year basis increased by 29.00 per cent from N1,812.03 recorded in November 2021 to N2,337.46 in November 2022.
An average of 1kg rice (local) increased yearly by 18.86 per cent from N421.02 in November 2021 to N500.80 in the same month in 2022.
For tomatoes, an average price of 1kg rose more significantly yearly by 30.18 per cent from N350.15 in November 2021 to 455.13 in the same month of 2022.
One kilogramme of brown beans increased by 18.03 per cent yearly from N490.19 in November 2021 to N578.55 in the same month of 2022.
It also captured how the average price of palm oil (1 bottle) increased by 29.87 per cent from N775.11 in November 2021 to N1,006.64 in November 2022.
In cassava flour, the price of white garri (sold loose) stood at N325.82 in November 2022, showing an increase of 7.79 per cent from N302.28 in November 2021.
READ ALSO: Rising inflation has plunged 5m more Nigerians into poverty –World Bank
The highest average price of rice (local, sold loose) was recorded in Rivers at N632.05, while in Jigawa, with the price standing at N378.81, recorded the lowest.
While Ebonyi State recorded the highest average price of beans (brown, sold loose) at N868.33, Kebbi State at N365.71 recorded the lowest price.
It said an analysis by zone showed that the average price of 1kg boneless beef was higher in the South-East and South-South at N2,851.51 and N2,570.87, respectively, while the lowest price of the item was recorded in the North-East at N1,971.83.
The report also disclosed that South-South and South-West recorded the highest average price of 1kg rice at N555.80 and N526.41 against North-West with the lowest price at N457.16.
-
Latest5 days agoFull List: Meet the 2026 Nobel Prize winners across six categories
-
Football5 days agoPremier League Matchweek 7: Five Fixtures That Could Shape the Weekend
-
Latest4 days agoUmahi defends Lagos-Calabar highway route changes amid public outcry
-
Business3 days agoDangote Refinery IPO: 70% Subscription claim meets fourfold demand assertion as investors seek clarity
-
Business4 days ago
Dangote Refinery IPO Extension: Was the 70% subscription report overhyped?
-
Latest2 days agoUCTH faces morgue crisis as 50 unclaimed corpses await mass burial
-
Featured4 days agoEl-Rufai, ADC governorship candidate’s court appearance puts Kaduna opposition politics in focus
-
Business2 days agoBREAKING: Nigeria’s Inflation Rate Drops to 14.63% in September