Food prices in March was 40% higher than last year’s -NBS
Reports from the Nigerian Bureau of Statistics (NBS) have indicated that prices of foods in March were, on average, 40 percent higher than the corresponding prices for last year. The report of Selected Food Price Watch for March 2022 which was released over the weekend shows between 53. 29 percent increase to 27.14 percent across the selected food prices that were monitored.
According to the report,” Selected Food Price Watch for March 2022 shows that the average price of 1kg of beans (white, black eye, sold loose) increased on a year-on-year basis by 46.64 percent from N345.03 in March 2021 to N505.94 in March 2022. Also, on a month-on-month basis, this increased by 1.69 percent from N497.54 in February 2022.
“The average price of Bread Sliced 500g increased on a year-on-year basis by 34.98 percent from N331.76 in March 2021 to N447.80 in March 2022. On a month-on-month basis, the average price of this item increased by 2.23 percent in March 2022. Similarly, the average price of 1kg Tomato on a year-on-year basis, rose by 53.29 percent from the value recorded in March 2021 (N267.45) to N409.96 in March 2022. On a month-on-month basis, it increased from N393.08 in February 2022 to N409.96 in March 2022 indicating 4.29 percent growth.”
The report continued, “In the same vein, the average price of Agric eggs (medium size price of one) increased by 27.14 percent from N48.43 in March 2021 to N61.58 in March 2022. It also grew by 2.93% on a month-on-month basis. The average price of 1kg Plantain (Unripe) rose by 43.54 percent on a year-on-year basis from N228.18 in March 2021 to N327.54 in March 2022. In addition, the average price of Groundnut oil: 1 bottle, specify bottle stood at N994.62 in March 2022, showing an increase of 46.00 percent from N681.23 in March 2021.”
This report is not surprising as Boko Haram terrorism, bandit raids, and herdsmen killings have combined to make farming an endangered profession in the country.
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