Food prices rise in June - NBS

The National Bureau of Statistics (NBS) says prices of beans, tomatoes, Irish potatoes, garri, yam, and other food items witnessed significant price increases in June 2024.

The NBS said this in its Selected Food Prices Watch report for June 2024, released in Abuja on Tuesday.

The report said that the average price of 1 kg of brown beans increased by 252.13 percent from N651.12 recorded in June 2023 to N2,292.76 in June 2024.

“On a month-on-month basis, 1 kg of brown beans increased by 14.11 percent in June from the N2,009.23 recorded in May 2024.”

It said that the average price of 1 kg of tomatoes increased by 320.67 percent on a year-on-year basis, from N547.28 recorded in June 2023 to N2,302.26 in June 2024.

“On a month-on-month basis, 1 kg of tomatoes increased by 55.97 percent from the N1,479.69 recorded in May 2024.”

The report said that the average price of Irish potatoes increased by 288.50 percent on a year-on-year basis, from N623.75 in June 2023 to N2,423.27 in June 2024.

“On a month-on-month basis, the price increased by 51.92 percent from the N1,595.07 recorded in May 2024.”

The NBS said that the average price of 1 kg of white garri rose by 181.66 percent on a year-on-year basis from N403.15 in June 2023 to N1,135.51 in June 2024.

“On a month-on-month basis, 1 kg of white garri increased by 1.86 percent from N1,114.72 recorded in May 2024.

In addition, the average price of 1 kg of yam tuber rose by 295.79 percent on a year-on-year basis from N510.77 recorded in June 2023 to N2,2021.55 in June 2024.

“On a month-on-month basis, it increased by 52.87 percent from N1, 322.36 recorded in May 2024 to 2,021.55 in June 2024.”

On state profile analysis, the report showed that in June 2024, the highest average price of 1 kg of brown beans was recorded in Kogi at N 3,006.43, while the lowest was recorded in Adamawa at N 1,336.11.

It said that Abuja recorded the highest average price of 1 kg of tomato at N3,992.61, while the lowest was recorded in Kebbi at N1,200.

The NBS said that the highest average price of 1 kg of yam tuber was recorded in Lagos at N3,376.54, while the lowest price was recorded in Adamawa at N1,100.

According to the report, Gombe recorded the highest average price of 1 kg of white garri at N1,619.27, while the lowest was reported in Taraba at N900.

Analysis by zone showed that the average price of 1 kg of brown beans was highest in the North-Central at N 2,923.45, followed by the South-South at N 2,630.03.

“The lowest price was recorded in the North-West at N1,647.03.”

The South-West and South-East recorded the highest average price of 1 kg of tomatoes at N3,261.84 and N2,852.59, respectively, while the lowest price was in the North-West at N1,411.16.

The report said that the South-West recorded the highest average price of 1 kg of yam tuber at N2,745.80, followed by the North-Central at N2,440.35, while the North-West recorded the lowest price at N1,238.49.

The NBS also said that the South-West and the North-East recorded the highest average price of 1 kg of white garri at N1,199.62 and N1,155.63, respectively.

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“The North-Central recorded the lowest price of 1 kg of white garri at N1,055.87.”

Supreme News reports that the federal government, in a bid to address the incessant increase in food prices and ensure food security, recently granted a 150-day duty-free import window for food commodities.

The suspended duty tariffs and taxes will be on the importation of certain food items across the land and sea borders, which include maize, cowpeas, wheat, and husked brown rice.

However, experts have suggested more sustainable measures, such as addressing the issues of insecurity, foreign exchange, and transportation costs, to address the soaring food prices and ensure food security.